Thursday, August 18, 2011

I am LLC Real Estate Co who did a personal guarantee on a lease now in default. Can I protect Agent Commissio

Unfortunately I got caught in the burst of the bubble in real estate and have not been able to pay my debts. How can I protect my agents commissions from garnishment that is as a result of a personal guaranteed on a commercial lease? We have only sold three (3) properties this year, and less than five (5) last year. We are trying to hold on until the market turns. In the meantime, an order of garnish has been set against my personal bank account because that was the only one they could find at that bank. If we are EVER able to close on a real estate deal, and the Agents are due their commissions, can the debtee search for other bank accounts and garnish those as well leaving my Agents without commissions? Most times commissions are paid from the title companies direct to the Agents, can the debtee get those as well?

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