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Question about owning your own business (LLC)

P: 2/18/2009 10:22:22 AM
joflier Ideal Rock Total Posts: 2,692 Last Post: 11/20/2009 Member Since: 10/2/2007	I'm looking for anyone that has knowledge about LLC's. Its limited liability, and from what I understand, to protect yourself from being personally liable for your business debts, etc. Is that correct? My soon to be exe has multiple llc's with quite a bit of debt. He's now telling me that he will have to file bankruptcy personally because he cannot make payments. And by him filing bankruptcy, it obviously would fall on my shoulders, right? I never personally signed for anything, but I'm assuming I'd have responsibility due to just being the spouse, therefore forcing me into bankruptcy....What could the reason be for him to be personally liable for the things done through the llc?
Posted: 2/18/2009 10:22:22 AM

There are 13 replies to this message. There are 13 replies on this page.

P: 2/18/2009 10:40:08 AM
Skippy123 Ideal Rock Total Posts: 19,814 Last Post: 11/20/2009 Member Since: 11/24/2006	Joflier, this might help you. http://www.bankrate.com/brm/news/bankruptcy/20080408-LLC-bankruptcy-a1.asp Skippy "The only things that stand between a person and what they want in life are the will to try it, and the faith to believe it's possible" Rich Devos
Posted: 2/18/2009 10:40:08 AM

P: 2/18/2009 10:48:37 AM
joflier Ideal Rock Total Posts: 2,692 Last Post: 11/20/2009 Member Since: 10/2/2007	Thank you skippy. That is very informative. (not good news for me, but good information)
Posted: 2/18/2009 10:48:37 AM

P: 2/18/2009 12:26:31 PM
strmrdr Ideal Rock Total Posts: 23,296 Last Post: 10/9/2009 Member Since: 11/1/2003	Check with a lawyer some states you are and some you arent if your name isn't on it. Which state are you in? ........... Karl has joined the diamond trade and is now posting as Karl_K
Posted: 2/18/2009 12:26:31 PM

P: 2/18/2009 12:28:48 PM
neatfreak Ideal Rock Total Posts: 13,435 Last Post: 11/21/2009 Member Since: 2/17/2007	Jody, please see a Wisconsin lawyer about this, they are the only ones who can really advise you correctly here. Big hugs!
Posted: 2/18/2009 12:28:48 PM

P: 2/18/2009 12:33:37 PM
strmrdr Ideal Rock Total Posts: 23,296 Last Post: 10/9/2009 Member Since: 11/1/2003	Wisconsin your jointly liable if the loans were taken out during the marriage in most cases. Call your lawyer. ........... Karl has joined the diamond trade and is now posting as Karl_K
Posted: 2/18/2009 12:33:37 PM

P: 2/18/2009 12:48:14 PM
Skippy123 Ideal Rock Total Posts: 19,814 Last Post: 11/20/2009 Member Since: 11/24/2006	Date: 2/18/2009 12:28:48 PM Author: neatfreak Jody, please see a Wisconsin lawyer about this, they are the only ones who can really advise you correctly here. Big hugs! Ditto. I am so sorry. Skippy "The only things that stand between a person and what they want in life are the will to try it, and the faith to believe it's possible" Rich Devos
Posted: 2/18/2009 12:48:14 PM

P: 2/18/2009 1:11:12 PM
joflier Ideal Rock Total Posts: 2,692 Last Post: 11/20/2009 Member Since: 10/2/2007	Unfortunately, WI is one of the worst states for this kind of stuff. What a bummer.
Posted: 2/18/2009 1:11:12 PM

P: 2/18/2009 1:18:01 PM
MC Ideal Rock Total Posts: 8,802 Last Post: 11/20/2009 Member Since: 2/8/2003	Yep, as said consult a lawyer, not us, unless someone in the "what else are you knowledgeable" thread posted that they're experienced in business debt/liability. Before your spouse files, you will be getting divorced, right? The only advice I can think of is not to use your credit cards for any purchases, because if you file w/in 90 days of doing so, you'll be liable for those charges and it may look suspicious to a judge especially if you hire a lawyer to defend that you're not responsible for the debt. I'm sorry this has happened to you FWIW, my SIL has filed twice and still has qualified for home loans. I'm not sure of the interest rates, but she was able to buy and life has moved on for her. She's always had high paying jobs and her filing hasn't effected that. Basic WI info: http://www.wisconsinbankruptcy.com/7v13.html http://research.lawyers.com/Wisconsin/Bankruptcy-in-Wisconsin.html
Posted: 2/18/2009 1:18:01 PM

P: 2/18/2009 2:51:20 PM
Italiahaircolor Ideal Rock Total Posts: 4,335 Last Post: 11/20/2009 Member Since: 12/17/2007	Oh wow. I am so sorry. ((Big hugs)) there will be a light at the end of this tunnel. ____________________________ Remember to keep your words soft and sweet...you may have to eat them someday.
Posted: 2/18/2009 2:51:20 PM

P: 2/18/2009 3:32:05 PM
joflier Ideal Rock Total Posts: 2,692 Last Post: 11/20/2009 Member Since: 10/2/2007	Thanks for the advice. I have consulted an attorney, just about the divorce, and am retaining her on Monday, and am filing for divorce officially. (He had already done so 6 weeks ago, but then rescinded it) I'm still holding out hope that I won't have to, but I'm trying to be realistic and mentally prepare myself. I'm just really hoping to be able to keep my home. I think the filing is still a ways off in the future, if it happens......but I also have to bear in mind that he's spouting things off just to scare me, too.
Posted: 2/18/2009 3:32:05 PM

P: 2/18/2009 3:40:30 PM
Italiahaircolor Ideal Rock Total Posts: 4,335 Last Post: 11/20/2009 Member Since: 12/17/2007	Date: 2/18/2009 3:32:05 PM Author: joflier Thanks for the advice. I have consulted an attorney, just about the divorce, and am retaining her on Monday, and am filing for divorce officially. (He had already done so 6 weeks ago, but then rescinded it) I'm still holding out hope that I won't have to, but I'm trying to be realistic and mentally prepare myself. I'm just really hoping to be able to keep my home. I think the filing is still a ways off in the future, if it happens......but I also have to bear in mind that he's spouting things off just to scare me, too. Your husband sounds like a real piece of work. I would retain your lawyer...but also get yourself a notebook and keep track of any and all "threats" made against you. You never know when you'll need your ace in the hole. ____________________________ Remember to keep your words soft and sweet...you may have to eat them someday.
Posted: 2/18/2009 3:40:30 PM

P: 2/18/2009 4:48:10 PM
joflier Ideal Rock Total Posts: 2,692 Last Post: 11/20/2009 Member Since: 10/2/2007	Date: 2/18/2009 3:40:30 PM Author: Italiahaircolor Date: 2/18/2009 3:32:05 PM Author: joflier Thanks for the advice. I have consulted an attorney, just about the divorce, and am retaining her on Monday, and am filing for divorce officially. (He had already done so 6 weeks ago, but then rescinded it) I'm still holding out hope that I won't have to, but I'm trying to be realistic and mentally prepare myself. I'm just really hoping to be able to keep my home. I think the filing is still a ways off in the future, if it happens......but I also have to bear in mind that he's spouting things off just to scare me, too. Your husband sounds like a real piece of work. I would retain your lawyer...but also get yourself a notebook and keep track of any and all 'threats' made against you. You never know when you'll need your ace in the hole. True dat.
Posted: 2/18/2009 4:48:10 PM

P: 2/18/2009 5:27:44 PM
Porridge Ideal Rock Total Posts: 1,610 Last Post: 11/21/2009 Member Since: 10/27/2008	Jeez Jo this is such a nightmare for you. I really hope things work out for you in the end. Good riddance to bad rubbish. {HUGS}
Posted: 2/18/2009 5:27:44 PM

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