Legal Question in Business Law in Ohio
my wife took out a business loan and i cosigned. We put house as collateral and business is doing really bad but just enough to pay the loan.
We hadve 30K in credit cards now.
Is there a way out of this?
Asked on 10/27/10, 4:07 pm
1 Answer from Attorneys
Kevin B. Murphy
Franchise Foundations, APC
Any business or franchise attorney will say the answer to seriously consider is bankruptcy for the credit cards. Depending on the equity in your home, etc. this may also work for the business loan. Consult with a good bankruptcy attorney in your area for specific advice.
Mr. Franchise - Kevin B. Murphy, B.S., M.B.A., J.D.
Franchise Attorney
Franchise Foundations APC
Answered on 11/02/10, 6:56 am
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