Find your diamond
Find your jewelry
shape
carat
color
clarity

Question about owning your own business (LLC)

Status
Not open for further replies. Please create a new topic or request for this thread to be opened.

joflier

Ideal_Rock
Joined
Oct 2, 2007
Messages
3,511
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?
 

joflier

Ideal_Rock
Joined
Oct 2, 2007
Messages
3,511
Thank you skippy. That is very informative. (not good news for me, but good information)
 

strmrdr

Super_Ideal_Rock
Joined
Nov 1, 2003
Messages
23,295
Check with a lawyer some states you are and some you arent if your name isn''t on it.
Which state are you in?
 

neatfreak

Super_Ideal_Rock
Joined
Feb 17, 2007
Messages
14,167
Jody, please see a Wisconsin lawyer about this, they are the only ones who can really advise you correctly here. Big hugs!
 

strmrdr

Super_Ideal_Rock
Joined
Nov 1, 2003
Messages
23,295
Wisconsin your jointly liable if the loans were taken out during the marriage in most cases.
Call your lawyer.
 

Skippy123

Super_Ideal_Rock
Joined
Nov 24, 2006
Messages
24,299
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.
 

joflier

Ideal_Rock
Joined
Oct 2, 2007
Messages
3,511
Unfortunately, WI is one of the worst states for this kind of stuff. What a bummer.
 

MichelleCarmen

Super_Ideal_Rock
Joined
Feb 8, 2003
Messages
15,880
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
 

Italiahaircolor

Ideal_Rock
Joined
Dec 16, 2007
Messages
5,184
Oh wow. I am so sorry. ((Big hugs)) there will be a light at the end of this tunnel.
 

joflier

Ideal_Rock
Joined
Oct 2, 2007
Messages
3,511
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.
 

Italiahaircolor

Ideal_Rock
Joined
Dec 16, 2007
Messages
5,184
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.
 

joflier

Ideal_Rock
Joined
Oct 2, 2007
Messages
3,511
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.
 

Porridge

Ideal_Rock
Joined
Oct 27, 2008
Messages
3,269
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}
 
Status
Not open for further replies. Please create a new topic or request for this thread to be opened.
Be a part of the community It's free, join today!

Need Something Special?

Get a quote from multiple trusted and vetted jewelers.

Holloway Cut Advisor



Diamond Eye Candy

Click to view full-size image.
Top