How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Loren Your Own Question
Loren
Loren, Attorney
Category: Estate Law
Satisfied Customers: 34473
Experience:  30 years experience in the practice of estate law.
17897874
Type Your Estate Law Question Here...
Loren is online now
A new question is answered every 9 seconds

I have a personal guarantee on a commercial lease in

This answer was rated:

i have a personal guarantee on a commercial lease in florida. but the biz is going belly up. I have all of my property and business located in louisiana, in a irrevocable trust. Can that umbrella be broken and have liens put on it. curious before there is legal action.
JA: Because laws vary from place to place, can you tell me what state the property is in?
Customer: my property is in louisiana. the biz going bust is in florida.
JA: What documents or supporting evidence do you have?
Customer: i have trust setup by my attorney in louisiana that has my residence and my business until the trust.
JA: Anything else you want the lawyer to know before I connect you?
Customer: the landlord will be sending a demand, default letter monday , I am sure. I am hoping that the trust will not be broken thru with the personal guarantee that I signed.

Thank you for using JA. I am Loren, a licensed attorney for over 30 yrs. Thank you for your patience as I review your question. I will post my response shortly.

Be aware, however, this is general information and no attorney client relationship is established.

The site may ask you if you wish to speak by phone for an extra charge. While I am happy to speak to you, if you wish, I am also happy to continue online. So, there is no pressure to spend extra money. Some people just prefer the speed of a phone call and that the information not be posted on the public forum.

So long as you have no control over the assets in the trust and it was properly drafted and funded, the trust should provide protection from any claims against you personally.

The reason is that the trust is viewed as a separate entity from you and therefore, it is not liable for claims against you. So, the landlord will not be able to attach any assets titled to the trust for claims against you, even if the get a judgement against you.

Customer: replied 3 months ago.
thank you. that is my confirmation for protection as he is a real pain. Have a great weekend.

You are very welcome.

If you have no further questions, and have not yet done so, please remember to leave a favorable rating (click 5 stars in the rating section on this page). It is the only way that I am credited by JustAnswer for answering your question.

There is no additional charge to you for rating me favorably.

A bonus is not expected, but is always appreciated.

Thank you!

Loren

Loren and other Estate Law Specialists are ready to help you