You cannot get away from your personal liability. I have never seen a bank that would offer a residential or commercial loan without someone's personal guarantee. But if all of your assets are held in LLC's, LP's, and/or Trust's, then your creditors have nothing to attach to satisfy the judgment. This is where you can gain the leverage. If your lenders have no assets to attach, they will be more open to negotiation for repayment terms. In the case you mention, you will have bad credit, but you won't loss assets.