Legal Question in Bankruptcy in Texas
Partner in an LLC with Personal Guarantee
I have 1/3 ownership in an LLC. I have to sign a personal guarantee each year at the maturity of the loan. If my company goes bankrupt, could the courts come after my home if I have filed a Texas Homestead Exemption?
Asked on 4/13/08, 8:57 pm
1 Answer from Attorneys
Keith Engelke
Law Office of S. Keith Engelke
Re: Partner in an LLC with Personal Guarantee
In Texas, creditors cannot levy against exempt property which would include your home.
Answered on 4/14/08, 9:43 am
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