Legal Question in Credit and Debt Law in New York

I had a small construction business as a sole prop in PA that did some work in NY and needed w/c through NY State Ins Fund. NYSIF did not complete an audit until 11 months later and I ended up owing more than I thought. Then they did the next year audit right away and now I owe them $16,000. They have turned me over to a collection agency who will not allow me to pay on a payment plan and are threatening to sue me. I no longer work in NY and my business in now an LLC. Personal property is in PA and jointly owned with wife. Business vehicles and equipment are in name of LLC. I do not have the cash to pay them in full and due to economy my credit is no good and I am not able to get a loan. What are my options and are my personal and business assets safe?

Asked on 1/22/14, 8:37 am

David Slater David P. Slater, Esq.

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As an LLC there is limited liability. Your personal assets are not in jeopardy unless you personally guaranteed the debt.

Answered on 1/31/14, 4:11 pm

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