Legal Question in Business Law in Indiana

business partners financial ruin

I am 50/50 in a LLC, my business partners in a personal financial forclosure. My husband and I are both named on our home mortgage. He is not on any business loans. My business partners home is in only her name.

We are both guarantors on the business. Can the financial institution take my home if she defaults on her personal mortgage?

Asked on 4/16/09, 9:42 pm

1 Answer from Attorneys

Burton Padove Indiana and Illinois Lawyer, Burton A. Padove

Re: business partners financial ruin

Based on the information provided, there is no claim that I see that the financial institution on her home that has nothing to do with your business can come after you for your home.

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Answered on 4/17/09, 12:54 am

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