D
desertbrewer
Guest
My state is Colorado, although I have been working and living in Saudi Arabia for the last 10-years.
I have been a partner in a LLC for approx 2-years and have given my personal guarantee on 2 loans, one is an SBA and the other is a conventional.
Last year I took money out of my 401K plan to buy a house for cash so that it could be titled in my wife's name. My wife is not a partner in the LLC and has not signed any personal guarantee. I did this because we live outside the U.S. the house would be considered a second home and I didn't want it to be subject to a judgment in the event the LLC goes under.
Now it appears the LLC will default on our loans and I have been told by an attorney that the house may be flagged as a fraudulent transfer.
Any thoughts on how I can save the house from a possible judgment?
The LLC has not defaulted yet, but I suspect it will in the next 6-months. We really love the house and would prefer not to sell it.
I have been a partner in a LLC for approx 2-years and have given my personal guarantee on 2 loans, one is an SBA and the other is a conventional.
Last year I took money out of my 401K plan to buy a house for cash so that it could be titled in my wife's name. My wife is not a partner in the LLC and has not signed any personal guarantee. I did this because we live outside the U.S. the house would be considered a second home and I didn't want it to be subject to a judgment in the event the LLC goes under.
Now it appears the LLC will default on our loans and I have been told by an attorney that the house may be flagged as a fraudulent transfer.
Any thoughts on how I can save the house from a possible judgment?
The LLC has not defaulted yet, but I suspect it will in the next 6-months. We really love the house and would prefer not to sell it.