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unsecured debt: co-managers of a small business, LLC

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  • unsecured debt: co-managers of a small business, LLC

    My brother is newly divorced. When married, he and his wife were comanagers of a small business, LLC. The business has been voluntarily dissolved and no longer exists. In the divorce settlement, my brother has to pay all bills relating to the business. He will have to declare bankruptcy. As we understand chapter 7, if the debts are joint (both have sign credit application), the creditors can go after her to try to get their money. She can then take him back to divorce court as defaulting on the settlement. And he is back where he started. His ex-wife will not file bankruptcy.

    He is disabled, cannot work, and his Social Security is trying to take his disabiltiy check away. currently receiving approx. $975 monthly. That is under appeal now.

    Under chapter 13 he would have to pay back at minimum $100 monthly for 36 months. And it would not be considered a divorce settlement default even if her name is on the debt. He really isn't able to pay back even the $100 monthly.

    How can we find out if the debts from the business that was coowned are in his name only, i.e. credit cards, etc?

    Thanks for any advice.

  • #2
    You may simply have to check with each company and get an accounting of the amount owed, and the name of the debtor--whether it is the business, or jointly owed, or guaranteed by him etc.


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