Legal Question in Business Law in Connecticut
Business Law
Six months ago a friend of mine with her husband started a business, each one of then took cash advances on credit cards and used their house as a collateral. After they open the business they began having marrital problems. The husband last week closed the business without letting her know. He is getting ready to leave the country, and is leaving her to deal with everything. She owes the credit cards 102, 000.00 plus their is a lean on their home. The cash advances she took she gave to the husband for the business. She does not know what he did with the money. He has not disclose any of the details of the closing of the business or the remifications on the status of their home. The only thing he told her is to that she needs to leave the house because the bank will take it. At this point what options does my friend have, she wants to divorce the guy but first she wants to see how can she make him financially responsible for the 102,000.00 she gave him. Does she has to claim bankrupcy? There is no way she can pay the 102,000.00 plus the 140,000 that was put on their home as a collateral when they bought the business. Is there a way that the law can make him responsible for that debt, since he was the one taking the money?
1 Answer from Attorneys
Re: Business Law
She should immediately file for divorce and request a court order that he turn over his passport to prevent him from leaving the country. A divorce court can enter orders as to which of them are responsible for the debts and require that he provide an accounting of what he did with the money.
Bankruptcy may be the ultimate solution if neither of them are able to repay the debts. Bankruptcy probably would not cancel the lien against the home.
Have your friend contact me if she would like to discuss this further.
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