Results 1 to 3 of 3
  1. #1
    Join Date
    Jul 2009
    Posts
    4

    Default Personal Guarantee

    My question involves collection proceedings in the State of: Florida
    We live in Florida. My husband built homes with 2 partners and all loans were done through the llc. However he and the other partners had to sign a personal guarantee. How will that affect us personally if the loan goes into default? As his spouse I am not attached whatsoever to the LLC or the loan/personal guarantee. Can the bank come after anything in my name?

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Personal Guarantee

    When you personally guarantee a debt and the business that borrowed the money is not able to pay it, the lender can pursue you for repayment.

  3. #3
    Join Date
    Jul 2009
    Posts
    4

    Default Re: Personal Guarantee

    Thank you for your response. As the spouse I am not a part of the LLC that the property is held in. Only my husband and 2 partners. I did not sign and loan docs, or personal guarantee. My husband and his partners did. My thought is that the lender can pursue my husband however I am off limits and any assets in my name are too? Also since our checking accounts are held in both names they can not touch? Thanks.....

    1. Sponsored Links
       

Similar Threads

  1. Business Issues: Personal Guarantee of Lease
    By dive2xs in forum Business Law
    Replies: 1
    Last Post: 05-13-2010, 08:27 PM
  2. Starting a Business: LLC and Personal Guarantee
    By joyeous1234@yahoo.com in forum Business Law
    Replies: 1
    Last Post: 01-25-2010, 07:07 PM
  3. Foreclosure: Personal Guarantee
    By newflorida in forum Buying, Selling and Conveying Real Estate
    Replies: 3
    Last Post: 07-13-2009, 09:11 AM
  4. Rental Agreements: Personal Guarantee About to Expire
    By Saintouen in forum Landlord-Tenant Law
    Replies: 1
    Last Post: 09-24-2008, 07:10 AM
  5. Debt Collectors: Personal Guarantee For A Corporation
    By hjb127 in forum Debts and Collections
    Replies: 3
    Last Post: 06-02-2007, 09:56 PM
 
 
Sponsored Links

Legal Help, Information and Resources