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My husband is one of three partners that built a home as a business deal. All three signed a personal guarantee on the loan. One partner has since filed personal bankruptcy removing herself from any remaining obligation. The home sold, but there is an outstanding balance due. If my husband has to file bankruptcy due to the LLC, do we both have to file bankruptcy? I did not sign the personal guarantee - I am not involved in the LLC at all. The LLC is now bankrupt and dissolved. Are there any other options we could look at for a resolution? We are trying very hard not to go the bankruptcy route, but feel it may be our only option. We are trying to save at least one of our good standing credit scores. Any advice you can provide would be greatly appreciated!
3 ANSWERS
Bankruptcy & Debt Attorney serving Longmont, CO
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William Edward Zurinskas
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I don't know if bankruptcy is your best option. I need more information. As long as you are not liable on your husband's LLC obligation, then you do not have to file bankruptcy with your husband, assuming you do not have any other reason to file bankruptcy. Your husband's non-bankruptcy options include 1) debt settlement (beware of debt settlement firms - they don't usually work)(hire an attorney), 2) Debt Management Plan through CCCS type firms. Give me a call for free 5 min. tel. consultation. Please refer to this email.
Answered on Jan 27th, 2011 at 10:13 AM
Bankruptcy Attorney serving Hayward, CA
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Carballo Law Offices
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It would be impossible for any attorney to respond to your questions with any degree of accuracy. You and your husband need a personal consultation with an experience bankruptcy attorney to discuss your very complex questions and legal issue that require a lot more information that you ever possibly provide in a forum like this which is for simple bankruptcy questions and not to resolve entire bankruptcy cases, particularly cases involving a business, LLCs, personal guarantees, etc. You have a very complex bankruptcy case and need to obtain the services of a very experienced attorney to answer your questions. You should not rely on any attorney who is willing to answer such complex questions online with so little information.
Answered on Jan 26th, 2011 at 7:58 PM
Family Law Attorney serving Kingston, NH
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DiManna Law Office, LLC
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You would not have to file bankruptcy if you are not on the loan. It might be possible to try and negotiate a very reduced payment since it is unsecured. You should consult with a bankruptcy attorney who can lay out all your options for you.
Answered on Jan 26th, 2011 at 6:13 PM