Legal Question in Business Law in Michigan

Seperating personal assets from business

Hi! I have a house with a mortgage much lower than the bonded apprasial first of all. I am retired, and am wanting to relocate back accross the state of Michigan where we lived for many years before moving to here to the west side. I am planning to build a new house on a vacant parcel where I want to relocate to, and rent this house where I presently live. I know that everything is doughtful these days,and my question is!-- Can I seperate this house legally where I presently live from my new location home, so if the renting aspect doesnt venture positively, and the mortgage company doesnt get paid, I will have protection from the creditors taking my new home with property to pay the balance owed on my home where I presently live now? I assure you that the house is worth much more than owed. I have this house forsale at 40K less than its worth, but as you know the realestate market is very much at a negative. Can you also tell me exactly what this legal contract is referred to when I seek legal console? Hope you can answer! Please respond to my personal email address. Also can you refer me to an attorney , anywhere in Michigan? Thanks Much, Sincerely- Don


Asked on 5/14/08, 11:35 am

1 Answer from Attorneys
Patrick Tracy Patrick J. Tracy, Esq, P.E.,

Re: Seperating personal assets from business

This can be done through the formation of a limited liability corporation. Since you live in western Michigan, I suggest that you contact the Kalamazoo Bar Association and they can refer you to a real estate attorney who can advise you on these matters.

Good luck!

Read more
Answered on 5/14/08, 12:33 pm


Related Questions & Answers

More Business Law questions and answers in Michigan