I am the owner of a small manufacturing business operating as a DBA in Texas. I amassed $50,000.00+ of credit card debt several years ago as the result of theft/embezzlement by an employee, a flood, and insurance agent fraud. I also borrowed heavily from friends and close business associates. Due to cancer treatment and the decline in the manufacturing market from Pacific Rim/Chinese encroachment on the sector, I became unable to make, and made no credit card payments after 10/31/02. From what I have read, I am within 7 months of the statute of limitations on all the accounts.
I own nothing other than the business and a 4 year old truck ( assets ). All assets of the business are encumbered by the various loans and the balances ( $141,737.00 ) exceed the value of the equipment due to the drastic decline in the used machine tool market. To the best of my knowledge, all the credit cards are of a personal nature ( confusing as I am not incorporated and considered in most circles as the business itself ). Receivables/Work In Progress less Short Term Payables leaves a balance due of $28,963.00. I am making payments to the IRS ( they recently lifted liens then informed me they are going to place more liens upon me.... go figure ) with about a year to go ( $6140.00 ).
Now for the trouble.... ( as if the above wasn't enough ) I am being sued by the assigns of a credit card company for $12,379.00. From my point of view I really have nothing to take. My tax returns clearly show losses/little income ( zero to less than $1000 per year for the past 5 years ). I live with a friend and barter most of my expenses/needs. I am making interest payments, and occasionally principle payments, on the various loans. There really is no money to pay anything else, to anyone, by any means. I have no personal checking account, but the business account is a DBA.
Am I judgment proof?? Can the creditor(s) seize/attach the company checking account?? I continue on with this endeavor as I don't really know what else to do after 20+ years here. I also don't want to abandon the people who helped me through my illness. I do have hope that someday things will turn around in the industry. I really, really, really, don't want to file bankruptcy. Besides, in 7 more months it appears that would be a detriment to me.