Editor’s Note: Kimberly Elizabeth Lee is a member of the Creditors’ Rights Practice Group and the Family Law Practice Group at Ward and Smith, P.A. It is not uncommon for an employer or an owner of a closely-held business to provide an employee, company member, or corporate officer...
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Editor’s Note: Kimberly Elizabeth Lee is a member of the Creditors’ Rights Practice Group at Ward and Smith, P.A. Although an entrepreneur would normally be insulated from personal liability for a business’s debts due to the limited liability protection afforded by corporate, limited liability, or limited partnership laws, the...
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Editor’s Note: Kimberly Elizabeth Lee is a member of the Creditors’ Rights Practice Group at Ward and Smith, P.A. When the real estate market was enjoying steady annual increases in value, a borrower who defaulted on a loan and whose property was sold at a foreclosure sale by the...
Read MoreEditor’s Note: Kimberly Elizabeth Lee is a member of the Creditors’ Rights Practice Group at Ward and Smith, P.A. Let’s say I owe Big Bank $85,000 under a promissory note and $15,000 under a credit line. I also have a savings account worth $10,000, a boat worth $15,000, and a car worth $22,000. One day I decide that I’m not going to make the payments to Big Bank on the loans anymore. About two months before I actually stop paying the loans, I “sell” my boat and my car to my Cousin Vinny for $500 and I also give...
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