Personally liable for husbands business debt?

[chris7]

What is the name of your state? Texas

My husbands LLC is going under. He has his personal guarantee on loans and lines of credit so he will definitely have to file personal bankruptcy. My question is, will I have to file as well? Texas is a community property state, so am I also personally liable for his personal guarantees for a business? Will the creditors come after me if he files alone? I am not part of the business in any way and we have no other debt.

 

[Ladynred]

The bankruptcy code has provisions for people living in community property states. You do not have to file with him. The bankruptcy law will protect you from his creditors just as if you HAD filed - for as long as you're married.