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Ask Asad Rahman Your Own Question
Asad Rahman
Asad Rahman, Lawyer
Category: Real Estate Law
Satisfied Customers: 2156
Experience:  Practicing Attorney with 10 years experience
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Looking on how to protect my house and assets if i need to

Customer Question

looking for info on how to protect my house and assets if i need to sign a personal guarantee on a commercial lease
JA: Thanks. Can you give me any more details about your issue?
Customer: so i have a LLC and we are looking to open a location where they want me to sign a personal guarantee. i am married and they only are requiring me to sign the guarantee and not my wife. if i sign it, and were to default can they seize my assets (house) if it is in my wife and my name? and can they garnish wages as I work a corporate job as well?
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Submitted: 1 year ago.
Category: Real Estate Law
Customer: replied 1 year ago.
i am in north carolina by the way.
Expert:  Asad Rahman replied 1 year ago.

Your house would be protected up to any homestead exemption allowable by the state. I believe that is $35,000. Many people put their home and personal assets in a living trust as a way to protect those assets. They can only go after the assets after the LLC defaults and after filing suit against you and winning. so you have the ability to fight the lawsuit. However, I would suggest talking to a local estate planning attorney about setting up a living trust. Now that you are running your own LLC, it may be prudent to protect your personal assets in case the LLC loses a lawsuit against a customer, vendor, or other party it does business with.

Customer: replied 1 year ago.
is it true though that if my wife did not sign the guarantee and the home is in both of our names, they cannot take or leverage the house in any way?
Expert:  Asad Rahman replied 1 year ago.

That would prevent them from foreclosing on the house but they could put a lien on it most likely.