I live in Texas and received a letter of Judgment for Bank of America against a LLC that I was the president of which quit doing business about two years ago. The LLC has no assets or income and already has a lien against it from the IRS. Can the bank collect the judgement from me or my wife personally?

Unless you were a trustee, probably not.

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Originally Posted by Texworth

I live in Texas and received a letter of Judgment for Bank of America against a LLC that I was the president of which quit doing business about two years ago. The LLC has no assets or income and already has a lein against it from the IRS. Can the bank collect the judgement from me or my wife personally?

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Depends on the set up and any documents you signed. Here is the quote: "If your business is organized as a limited liability company (LLC), your personal assets are usually protected from business creditors --unless you specifically gave up your so-called "limited liability" protection. Unfortunately, you may have done so if a bank or other creditor required a personal guarantee and/or personal security before loaning you money, leasing you space, or extending credit. It's a common practice. Such personal guarantees undo your limited liability, allowing the creditor access to your personal assets if the business can't cover the debt. A creditor can also ask a business owner to secure a business debt by pledging specific personal property, such as a house, boat, or car."