Legal Question in Real Estate Law in Georgia

Re: Personal Guarantee

Any asset that is in his name only or jointly would be subject to any collection action. Transferring assets in order to hide them or otherwise protect them is fraudulent/illegal.

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Re: Personal Guarantee

Assuming they sue him and get a judgment, they can go after any property in his name and his interest in any property he jointly owns with you. There are ways you can protect yourself, but they are too lengthy to explain in this type of forum. Consult with a local attorney, and the sooner the better.

Re: Personal Guarantee

In the state of California, the creditor can go after your separate bank account that is in your name alone. Likewise, the creditor can go after anything considered community property except your wages. In order to protect yourself, you should do what is called a transmutation agreement. This would be an agreement that essentially would say that what is currently in your name would be your separate property and what is in your husband's name would be his separate property. You should act quickly because once your bank account is levied, it will be very hard to get that money back.