Short answer. Generally no. The Civil Code provides that a third person who becomes a partner in a partnership continuing the business answers to the creditors of the dissolved partnership out of the partnership property only, unless there is a stipulation to the contrary.
What the law says
The liability of a third person becoming a partner in the partnership continuing the business, under this article, to the creditors of the dissolved partnership shall be satisfied out of the partnership property only, unless there is a stipulation to the contrary.
Civil Code, Article 1840 — Creditors When the Business Continues. Read the full provision →
The rule that protects your separate property
The article deals at length with when creditors of a dissolved partnership become creditors of the business that continues. It then adds a sentence limiting how far that reaches into a newcomer. The liability of a third person becoming a partner in the partnership continuing the business, to the creditors of the dissolved partnership, shall be satisfied out of the partnership property only. Your house and savings sit outside that fund.
Why the limit makes sense
Someone joining an existing business is in a different position from those who incurred the debts. They were not there when the obligations arose and had no part in deciding to take them on. The article's balance is that the property of the business — which is what the old creditors were effectively looking to all along — remains available to them, while the incoming partner's personal estate is not swept in merely by joining.
The exception you must actually look for
The protection is qualified by five words: unless there is a stipulation to the contrary. That is not theoretical. Deeds of assignment, admission agreements and settlement documents frequently contain assumption-of-liability clauses, and a partner who signs one has stipulated out of the protection the article gives. Before relying on this rule, read what you signed and what the continuing partnership signed, because the exception lives in those documents.
What the limit does not do
This sentence is about the old partnership's creditors, in the situations the article lists — a new partner admitted while the business continues without liquidation, a retirement or death followed by continuation, an assignment to third persons who promise to pay the debts, a wrongful dissolution, an expulsion. It does not address a partner's position on obligations the continuing business incurs afterwards, which is governed by the general rules on partnership liability, not by this sentence.
What creditors can still reach
The partnership property itself is fully exposed, and that includes whatever you contributed on joining — your capital is part of the fund the old creditors may look to. The limit protects your separate estate, not your investment. The article also gives those creditors a prior right, as against the separate creditors of a retiring or deceased partner, to any claim that partner or their representative has against the continuing business on account of their interest. So the newcomer's protection sits inside a scheme that is otherwise generous to the old creditors.