Sw3tflower
Member
California
I'm not sure where to go for help. My problem includes spouse's LLC, a medical building he paid 2.2 million for, his corporation, home equity loans and taxes. I do not work and have 2 kids I'm trying to keep in college.
Although not filed yet, I saw our 2005 joint personal 1040 tax return (as apposed to his LLC and business ones). It says our total income is -75,910. Line 17 says -44,737 and line 21 says Net Operating Loss Carryover -49,823. What does that mean?
He just paid our 2004 taxes this month after I recieved a notice of estimated taxes and penalties I owed since I had not filed a return.
Since he bought the LLC 4 years ago, he has made me take out 2 home equity loans and a second morgage because his credit is so bad. It comes to over $400,000. He used it to pay off his business debts (although he told me it would also go for home improvement and hearing aids for me). Each time he has said everything will be fine as soon as we get the loan. Every time things have gotten worse. He now wants me to take out a $60,000 equity loan, again to pay off personal and business debts. We have NO joint accounts. He used to give me money sometimes for household and emergency things. He has not given me any money in 2 years, and his personal credit card of $20,000 (that he lets me use) has been maxed out for several months. All our bills have penality and late charges. He has 6 credit cards in all. The $20,000 card was paid off in full when I took out the last equity loan in Dec of 2005. I no longer have a car, he used all our children's college funds, my health insurance was cancelled for nonpayment, he used all my retirement funds, cancelled his life insurance......it all went into the LLC. I had my own retirement fund started before we got married and had to use all of it for food and other necessities. I was unaware of what he had done since everything is in his name. Our children are working full time and not able to pay college and living expenses. They are going to have to drop out. I can't afford legal help.
Is it possible that if I get the loan things will be ok? Since all the money seems to be going to his LLC, does that mean I no longer have any money at all since the LLC is his? Is it too late for me to get out of this with any money to start over? If I don't sign, the $60,000 equity that is left in our home...is it 50% mine? I cannot work and we are both in our mid 50's.
He blames me for our financial problems....and says it will be my fault if we go bankrupt if I refuse to sign the loan. He told me that the last 2 times too. He also told me half of all the debts are mine and wants to know how I would be able to pay them off without him....so I better take out the equity loan and get us out of debt. Is this coercion?
Please help.
Thankyou California
I'm not sure where to go for help. My problem includes spouse's LLC, a medical building he paid 2.2 million for, his corporation, home equity loans and taxes. I do not work and have 2 kids I'm trying to keep in college.
Although not filed yet, I saw our 2005 joint personal 1040 tax return (as apposed to his LLC and business ones). It says our total income is -75,910. Line 17 says -44,737 and line 21 says Net Operating Loss Carryover -49,823. What does that mean?
He just paid our 2004 taxes this month after I recieved a notice of estimated taxes and penalties I owed since I had not filed a return.
Since he bought the LLC 4 years ago, he has made me take out 2 home equity loans and a second morgage because his credit is so bad. It comes to over $400,000. He used it to pay off his business debts (although he told me it would also go for home improvement and hearing aids for me). Each time he has said everything will be fine as soon as we get the loan. Every time things have gotten worse. He now wants me to take out a $60,000 equity loan, again to pay off personal and business debts. We have NO joint accounts. He used to give me money sometimes for household and emergency things. He has not given me any money in 2 years, and his personal credit card of $20,000 (that he lets me use) has been maxed out for several months. All our bills have penality and late charges. He has 6 credit cards in all. The $20,000 card was paid off in full when I took out the last equity loan in Dec of 2005. I no longer have a car, he used all our children's college funds, my health insurance was cancelled for nonpayment, he used all my retirement funds, cancelled his life insurance......it all went into the LLC. I had my own retirement fund started before we got married and had to use all of it for food and other necessities. I was unaware of what he had done since everything is in his name. Our children are working full time and not able to pay college and living expenses. They are going to have to drop out. I can't afford legal help.
Is it possible that if I get the loan things will be ok? Since all the money seems to be going to his LLC, does that mean I no longer have any money at all since the LLC is his? Is it too late for me to get out of this with any money to start over? If I don't sign, the $60,000 equity that is left in our home...is it 50% mine? I cannot work and we are both in our mid 50's.
He blames me for our financial problems....and says it will be my fault if we go bankrupt if I refuse to sign the loan. He told me that the last 2 times too. He also told me half of all the debts are mine and wants to know how I would be able to pay them off without him....so I better take out the equity loan and get us out of debt. Is this coercion?
Please help.
Thankyou California
