Question:
A partner & I set up an LLC. Under the banner of the LLC we purchase two properties. I personally guaranteed the mortgages. The LLC received Warranty Deeds to each of these properties. Right now, I no longer own my half of the LLC, I gave that many months ago to a relative.
The mortgages on these properties are NOT in default at all. The problem is I'm facing a major judgment and I'm worried that the judgment-creditor will get a "charging order" for the LLC because I'm guaranteeing the mortgage on these properties.
In no way have I ever profited $0.01 from this LLC, I don't own or manage the LLC or anything. My connection to them ended long ago. I'm concerned that the judgment creditor will come after this LLC and then the LLC will turn around and sue me. What do you all think? Thanks.
Answer:
your connection to these properties ended long ago.did you ever remove your name from the LLC? if not - yest they will take whatever they can find in an asset search (this also includes your home, bank accounts etc).
good luck :)
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