Does a personal guarantee apply to assets in the name of other family members, such as a spouse’s bank account or a child’s college savings?
A personal guarantee is the promise to fulfill the obligations of another. This promise does not extend beyond the parties involved; however a lender can argue that an asset should be subject to attachment if the funds used to purchase or create the asset are a direct result of the business operations. In short, you cannot be sure that just having them listed in another person’s name protects your assets.
