I have no loans or credit so I should be good.
The business has a separate bank account and I try not to mingle funds between my private account. All business expenses and income go through the business account. The business has no insurance. I keep records of all sales and purchases.
Home...
Thanks everyone
both of your assumptions are correct (in reality there is no bankruptcy case. It's just a made up scenario to find out how things work)
personal guarantee? I don't think there is one. I operate a rebuild/restoration of cars/car parts out of my house and sell stuff on ebay/amazon
Thanks army for your reply
Let me expand this a little:
In case a "corporate veil" is pierced can I file for bankruptcy myself (as a person) and have my home protected by the homestead exemption?
Let's say that I run a home-based business (LLC) and I get a judgement on my business and the business goes bankrupt.
Can they go after my home which is in my name and is protected by a homestead exemption (The value of the house is below the exemption amount)
Thanks.