My question involves business law in the state of: New York
Hello - I run a business, and while I feel that my risk for a lawsuit is low - there is still risk of one.
I was told that if I owe any money on my home (even a home equity loan payment) - that someone who is sueing me can not go after my home - since I guess a bank has an interest in it.
Is this true? Or does this vary state by state? I am in NY, and may be in the position shortly where I will be able to pay off my home loan.
I am wondering if I should pay it off, then immediately get a home equity loan for a few thousand.