Legal Question in Real Estate Law in Georgia

Bank Suing for Personal Guarantee

We built a spec home under an LLC and both my husband and myself had to personally guarantee the loan. We can't afford to renew the note now and the bank is threatening suit. What should we expect if they sue for the personal guarantees? Can they take our other assets? Will they come after everything on the Personal Financial Statement?


Asked on 5/26/09, 8:44 am

1 Answer from Attorneys
Scott Riddle Law Office of Scott B. Riddle, LLC

Re: Bank Suing for Personal Guarantee

If they sue and get a judgment, they might attempt to get non-exempt assets, whatever they are (we don't know what your financial statement says or whether it is accurate). That could include judgment liens on any real property you own. Often the most likely scenario is to garnish paychecks and bank accounts (if or when you are employed).

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Answered on 5/26/09, 8:48 am


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