Can personal debt impact corporate earnings? 8 Answers as of July 12, 2013

Can a corporation's earnings be garnished for personal debt from a credit card?

Ask a Local Attorney. 100% Anonymous. Free Answers.

Free Case Evaluation by a Local Lawyer: Click here
Law Office of Maureen O' Malley
Law Office of Maureen O' Malley | Maureen O'Malley
This is very skimpy information to do your question justice. Personal and corporate debt is normally completely separate, so in general, a corporation should not be subject to garnishment for a personal debt.
Answer Applies to: Virginia
Replied: 6/8/2011
Mercado & Hartung, PLLC
Mercado & Hartung, PLLC | Christopher J. Mercado
If you have commingled the funds and the corporate funds are no longer traceable, then it can likely be garnished.
Answer Applies to: Washington
Replied: 6/8/2011
Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
If I understand your question correctly.... You are asking about a garnishment or levy on corporate assets you own. The creditor could accomplish this by garnishing distributions to you, so it would work something like a wage garnishment, in theory there is no reason why this would not work, however I think the mechanics of doing it would be quite tricky.
Answer Applies to: California
Replied: 6/8/2011
Bankruptcy Law office of Bill Rubendall
Bankruptcy Law office of Bill Rubendall | William M. Rubendall
One of the main reasons of having a corporation is to shield personal liability. A corporation is, in a sense, a person. An individual is a separate person. you cannot garnish one person's wages for another person.
Answer Applies to: California
Replied: 6/7/2011
Bird & VanDyke, Inc.
Bird & VanDyke, Inc. | David VanDyke
This is very broad and tricky question and without more info it will be hard to correctly answer. Generally, under the law, a corporation is a separate entity. Separate from the actual stockholders who own it. So from the info you have provided I would say no but there are ways a creditor can pierce the corporate veil so to speak. Also if you draw a salary from this corp those wages could potentially be attached I think you should talk with an attorney so this question can be fully answered
Answer Applies to: California
Replied: 6/8/2011
Click to View More Answers: