Legal Question in Civil Litigation in Ohio

commercialDebts from former company owned

I owned a company 4 years ago in the construction/excavating trade. The company was an inc.

We closed down and went out of business. I gave my share to a former partner.

There were some commercial debts that were owed to some vendors for material's.

They have sent letters to my home addresss asking for payement of misc amounts, have not received letter for 3 years.

If I buy a house will the letters start again, or an attempt to put a lien on property.

I never signed anything as a personal guarenteer.


Asked on 12/26/06, 1:00 pm

2 Answers from Attorneys
Alan Wagner Wagner, McLaughlin & Whittemore P.A.

Re: commercialDebts from former company owned

If these were not personal debts, then they should not show up on your personal credit history or be a hindrance to buying a home or getting a loan. By the way, the answer would be the same whether or not you still owned the stock.

If you receive a letter, ask for some proof from thecompany that you owe the debt and they will need to show you something where you agreed to be responsible for the payment.

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Answered on 12/29/06, 8:47 am
Shalem Shem-Tov The Shem-Tov Law Firm, Inc.

Re: commercialDebts from former company owned

Usually a corporation protects its owners from liability on corporate debts. However, under certain conditions the owners will be personally liable (this is called "piercing the corporate veil"). It's impossible to tell from the information you gave here whether the corporate veil will be pierced in your case. I suggest you contact an attorney who will sit down with you and discuss the specifics of your case.

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Answered on 12/26/06, 1:19 pm


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