02-19-2012, 01:45 PM
Join Date: Mar 2011
| | Bankruptcy Issues ????
When I met my husband he owned a business.
He had a line of credit on this business that he personally signed for. Meaning he used his personal credit to get this line of credit on his business.
Several years later he basically lost his business, meaning he emptied the place out, closed the door and walked away. He had been leasing the building.
He owed $125,000.00 to the bank on a line of credit on this business.
When he lost the business he also stopped making the payments on this $125,000.00 line of credit.
This was 2-3/4 years ago. So far we've received no statments on this line of credit. We've received daily since then calls from collection agencies which go unanswered.
My husband seems to think that because this bank that held this line of credit has changed names several times he thinks that they have lost the paperwork showing where my husband signed for this line of credit initially, otherwise he says they would have sued him for the money by now.
My question to you is this.
This was a line of credit he had "before" we married.
If/when he has to file bankruptcy (there is no way we have $125,000) does MY NAME HAVE TO BE ON THE BANKRUPCTY PAPERS??? Meaning will I also have to file bankrupcy?
My name was never on the business at all........ in any form.
Thanks in advance for all of your input.