Husbands business

[blaze15]

What is the name of your state (only U.S. law)? Illinois

My husband is self imployed. His business is a corporation. It is doing very bad with alot of debit. If he stops paying his bills or bankrups, can my daughter and i be liable or can they put a lein on our house?

 

[bigun]

Neither you or your daughter have any liability unless you cosigned any of the loans.
If he pledged the equity in the home as collateral, the lender would have a claim.
If not, they'd have to sue him and win and then if state law allows a lein could be placed against the home.
How much equity do you have in the home? In bk, you are allowed to exmpt a portion of that equity from creditors.

 

[blaze15]

all that we own is tied up in the house. we have 300 thousand in it and cant get to it cause of the economy no one wants to buy homes. we are in a very bad situation here. i thought buying a house and putting all of our saving into it was wise at the time. turns out it was a bad idea.

 

[coachoutlet4]

Hope everything will be all right, god bless you