What is the name of your state? NJ
My stb ex-husband has a sole-proprietorship that is doing very poorly. In addition he has amassed a fair amount of personal debt. For his business he has 4 trucks that he is paying on. Personally, he has a car and about 20K in debt, plus another credit card for 7K that I have put into my name.
If he files bankruptcy for his business, how will that effect his personal situation?
How will it effect mine (we have no joint assets)?
Can he convert to an LLC and then file?
If he files bankruptcy for his business, when would he be able to open another business if he chose to, and what negative impact would this possible bankruptcy have on any future business ventures?
Thanks a lot!
My stb ex-husband has a sole-proprietorship that is doing very poorly. In addition he has amassed a fair amount of personal debt. For his business he has 4 trucks that he is paying on. Personally, he has a car and about 20K in debt, plus another credit card for 7K that I have put into my name.
If he files bankruptcy for his business, how will that effect his personal situation?
How will it effect mine (we have no joint assets)?
Can he convert to an LLC and then file?
If he files bankruptcy for his business, when would he be able to open another business if he chose to, and what negative impact would this possible bankruptcy have on any future business ventures?
Thanks a lot!