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Collections Law/levy on partnership account

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Expert: Michael Brotherton - 6/27/2008


Question
Can a judgment creditor levy funds in a partnership account for a debit incurred years prior by one of the partners in a personal matter? I received another notice of levy 2 months after the creditor cleaned out my personal account and I assume they are after the business account. I live in California
Thanks


Answer
I would say probably. If you are not an LLC or C-Corp. they can. You may contest the levy and request a hearing but unless you are incorporated they can usually attach bank accounts and other assets with your name on it, even when you are not the sole owner. This includes joint bank accounts with a spouse or partner.

The best thing to do is contact them and work out a payment plan or if you do not intend on paying it, consider filing BK. Negotiation is always the better option.

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Michael Brotherton

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Consumer/Debtor Rights Advocate. Mike Brotherton is a negotiator with over 30 years experience in consumer lending and collections. Mike has 30 years in the credit and collections industry as a former loan officer, debt collector and manager of two finance companies over several years. Mike is well versed in Loss Mitigation practices and the legal collection process. He has helped literally thousands of people over many years overcome serious financial problems such as foreclosure, creditor lawsuits and abuse by debt collectors. For more information about resolving your "financial emergency" visit www.financialemergency.com. FinancialEmergency.com is a consumer web site which actively promotes Fair Debt Collection Practices and other consumer protection laws. We teach DEBTOR RIGHTS and enforcement of those rights. The more informed you are of your rights and the credit collections practices of creditors the more peace you can have dealing with your FINANCIAL EMERGENCY. Most financial problems are fairly common and as such have some very common solutions. The key is understanding your rights in the collection process and how to enforce them if need be. Primary business- Debtor Rights Advocacy and Debt Mitigation relating to foreclosure, creditor lawsuits, and other serious financial problems. www.financialemergency.com (copy and paste in browser).

Experience

Over 40 years combined experience negotiating disputes and resolving financial issues related to consumer debt, corporate issues and mortgage modifications.

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