Question about owning your own business (LLC)

[joflier]

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?

 

[Skippy123]

Joflier, this might help you. http://www.bankrate.com/brm/news/bankruptcy/20080408-LLC-bankruptcy-a1.asp

 

[joflier]

Thank you skippy. That is very informative. (not good news for me, but good information)

 

[strmrdr]

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]

Jody, please see a Wisconsin lawyer about this, they are the only ones who can really advise you correctly here. Big hugs!

 

[strmrdr]

Wisconsin your jointly liable if the loans were taken out during the marriage in most cases.
Call your lawyer.

 

[Skippy123]

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]

Unfortunately, WI is one of the worst states for this kind of stuff. What a bummer.

 

[MichelleCarmen]

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]

Oh wow. I am so sorry. ((Big hugs)) there will be a light at the end of this tunnel.

 

[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.

 

[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.

 

[joflier]

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]

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}