Friday, August 2, 2013
Defendant Corporation and Individual Workout Successful Settlement
I represented an individual and a Corporation who were in financial trouble. They were unable to pay a substantial creditor and suit was filed against the president individually as well as his Corporation. The problem was that the president had guaranteed the debt personally. It is one thing if the claim were only against the corporation. The corporation was in bad shape and had no assets. The corporation was basically judgment proof. The individual on the other hand would be exposed and whatever assets he had could be taken by the creditor to satisfy the judgment. This would of course include his house, cars, bank accounts, other items of value.
Based on the economic plight of both the individual and his Corporation we were able to settle this case for substantially less than was originally demanded by the creditor.
If you are sued for debt, contact me. You need to answer the complaint and defend yourself.