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If you lose Civil suit...

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I just responded to a "Confirmation of Arbitration" suit against me. In the event that I lose, how long does it take before my checking accounts get looked into. I am in Texas and am $60,000 in debt (unsecured). I have an S corporation business (from which losses got me into this situation to begin with) Is an S corp. insulated in Texas? It has only operating money in the checking account. I do own the building personally which I do rent to my company. In short I am still in pretty bad financial shape.

After the lawsuit, are creditors still eager to settle?

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Is it a lawsuit against you or your corporation?

Did you sign any personal guarantee's as an officer of the Corp?

If it is personal, they can go after your asssets, and bank account But may have a hard time going after the Corp.

If it is against the Corp, they will have a harder time going after your personal assets unless you signed personal guarantee's.

Considering the amount of money involved, you might seriously consider consulting a lawyer ASAP.

If you post more detailed info on your situation, I will help if I can.

I am not a lawyer or am I giving legal advice, but I have been in a similar situation.

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