Re: Or - Can My Collectors Come After It
so you are going to argue your share of the LLC is without value? While the property owned by the LLC may be safe (and given your plan of action, even that would be debatable), your interest in the LLC is not.
You might want to look up the term: toll, in regards to a statute of limitation.
Assume the applicable statute of limitations is 4 years as it occurred in California.
with this LLC, but since it has no business history I must guarantee the loan.
what makes you believe you will be accepted as a guarantor? Bad credit is bad credit.
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is there some reason you copied and pasted another users post:
Join DateJun 2011Posts4
Real Estate in an LLC on Which I Am the Guarantor - Can My Collectors Come After It
My question involves business law in the state of: Nevada
I have personal debts on which I defaulted, which after 2 years third-tier collection agencies continue to call but have never sued or filed for garnishment. Assume the applicable statute of limitations is 4 years as it occurred in California. This means they *may* come after me (successfully) for the next 2 years, especially if I suddenly have assets or a mortgage on my credit.
I create an LLC in Nevada with my wife and a 3rd partner. I get a mortgage on a rental property with this LLC, but since it has no business history I must guarantee the loan. This is expected and my question is not to do with my own liability for the mortgage. What I was not able to find online, is an answer about whether the property which resides in the LLC (and never in my name, not transferred from my name, etc) can be attacked through the corporate veil or whether it is fully protected from my *personal* creditors (also this is not a "shell", it will be a legitimate operating business).
The key point is that the LLC normally protects the property except in the case of fraud. I can understand, if a judgement was in progress and I suddenly started a business, it can be seen as an attempt to hide the assets. However, in the absence of any suit or judgement, if I create an LLC in this manner, it should protect any assets inside the LLC and the creditor can only obtain a charging order (which can be mostly mitigated by good LLC setup) ?
I am not an attorney and any advice is not to be construed as legal advice. You might even want to ignore my advice. Actually, there are plenty of real attorneys that you might want to ignore as well.