what happens after bank recieves judgement against my company?

[howtoplan]

More than likely the bank will prevail against me, the judgement will be for more than the assets of the corp. Is it immediate and how much information/cooperation do I need to expect to give?

[StartingOver08]

More than likely the bank will prevail against me, the judgement will be for more than the assets of the corp. Is it immediate and how much information/cooperation do I need to expect to give?

I don't have enough information to help you. I am making a couple of assumptions, please correct me if I am wrong:

1) I am assuming that you either have filed personal CH 7 BK or will file personal Ch 7 BK
2) The corporation is a S-Corp or LLC
3) The corporation is owned by you, you are the only member of the corp.

If the corp owes the bank and the corp has defaulted, then if you have a personal guarantee (which is typical), the bank can come after you for the funds. If you do not have a personal guarantee, but you own the corp. The bank can get a judgement against the corp and sieze any funds in any bank account just like a regular judgement. I believe that if you have filed personal BK and this debt has been discharged, the bank can not come after you personally for it after discharge. But you would want to confirm this with your attorney and with your BK attorney as to the effect of a judgement against your corp.

[HHM]

Business collection, especially if the business has some assets, and the creditor gets a judgment, usually happens very quickly. We are talking about a matter of weeks, not months; but your mileage may vary.

[frogger]

What kind of assets does your business have?