Can a person who is delinquent in their student loans eventually have any bank accounts they have garnished?
by admin ~ March 10th, 2010 . Filed under: Law & Ethics .
Ryan P asked:
I own a business and my partner keeps having calls to him regarding his personal debt from school. If his PERSONAL account doesn’t have any funds, and he is not receiving a paycheck, can our business account be tapped into? If so, would they only be able to take from HIS portion of the money, in our case, he takes 70% of net income. I am the actual owner of the business though so I’m not sure if that makes a difference.
Nathan
I own a business and my partner keeps having calls to him regarding his personal debt from school. If his PERSONAL account doesn’t have any funds, and he is not receiving a paycheck, can our business account be tapped into? If so, would they only be able to take from HIS portion of the money, in our case, he takes 70% of net income. I am the actual owner of the business though so I’m not sure if that makes a difference.
Nathan
March 12th, 2010 at 1:40 am
The account but who knows best of luck.
March 15th, 2010 at 1:50 pm
If the lender submits a claim against him, his paycheck or profits may be garnished.
You may be able also inform the court of the actual percentage of his share of the net profits so as to not have it affect your share. (Not very sure about this, but seems likely!)
March 16th, 2010 at 2:55 am
They can garnish any account that has his name on it.