Consumer Law, Warranties Promissary Note/LLC

[Gingy]

I took over a business and signed a promissary note in my and my husbands name and since then we have become a LLC if I can't make the loan payment would I have to file bankruptcy or would the LLC protect us?

 

[army judge]

I took over a business and signed a promissary note in my and my husbands name and since then we have become a LLC if I can't make the loan payment would I have to file bankruptcy or would the LLC protect us?

What is the value of the promissory note?

What are its terms?

How much do you still owe on the note?

The note was you possess was signed ONLY by you, right?

Said promissory note was signed BEFORE your business became an LLC, right?

Did you have a power of attorney for your husband, when you signed his name?

If things are as you stated, YOU are the only one that is on the hook.

You can't sign for your husband (or anyone else) without a power of attorney (granting you that right), or having been appointed their guardian.

Your options are few, if what I've stated is true.

YOU can file for bankruptcy.

Your business is potentially at risk, if you're goingt o default on the note.

YOUR personal assets (not your hubby's) are at risk.

But, I'll wait until you explain further, before I run in the wrong direction with my assumptions.

 

[openplease]

about 8500.

 

[army judge]

about 8500.

What are the terms of the note?

Why do you think you might have to default?

Yes, you can always file bankruptcy.

Your personal fortune is at risk.

You should not have signed your husband's name.

If he doesn't protest, both of you are on the hook for this note.

Why not try and renegotiate the terms of the note?