Pennsylvania | Business Law
Legal Question
Could I lose personal assets if my corporation is sued?
I am being sued by the state for going against the Consumer Protection law. I had an S Corporation that went out of business because the money ran out. The state is suing me personally. My question is: If I am found guilty of wrongdoing, could they take my house, wages, car, etc.?
I did nothing wrong in my eyes. The company just got low on funds and was forced to go out of business. We may have a trial. If I am found guilty by some chance, could they take my personal belongings? Could they ask for money I don't have? If they do, do I have to pay up? How would they expect me to pay up if I have no money?
My lawyer is vague when I ask him such questions and says, ''That won't happen.'', but doesn't give me an answer in case it DOES happen.
Thanks for your help.
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Read More Answered By: Matthew Nahrgang |
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