[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 lien against it from the IRS. Can the bank collect the judgement from me or my wife personally?

[s_cianci]

Unless you were a trustee, probably not.

[JudyKayTee]

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?

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."