Legal Question in Real Estate Law in Georgia
Contractor and personal guarantee
I built a spec house under my construction companies LLC but had to sign a personal guarantee. If I let a spec home go back to the bank what could they take from me? Would be best to let it go back or just file chp 7 to help protect me more?
2 Answers from Attorneys
Re: Contractor and personal guarantee
If they sue, they can get a judgment against you and try to collect in various ways. As far as what they can take, no one here knows what you have. The same can be said for bankruptcy - you are asking for an analysis with no facts. See a bankruptcy lawyer.
Re: Contractor and personal guarantee
You will be personally liable for the deficiency once the home is foreclosed and sold at auction. Any personal assets would be susceptible.
Whether to file bankruptcy is a decision to be made after discussing your options with a bankruptcy attorney.
If you would like to discuss any issues further, please feel free to contact my office. My contact information is below. Thank you.
The foregoing is general information only, not specific legal advice. No attorney/client relation has been created or should be implied.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
