Legal Question in Bankruptcy in Pennsylvania

I am relatively certain that my husband's business partner has taken in the past and is now taking money from the firm, which is in dire financial straits. My husband is liable for 50% of the debt for the firm and I want to minimize his/our liability. Any ideas how I can pursue this? Can i sue his partner if i have proof?


Asked on 6/28/10, 4:35 pm

1 Answer from Attorneys
Matthew Nahrgang Nahrgang & Associates, P.C.

If you are liable to 3rd parties such as trade debt and credit cards, you cannot minimize that liability. If the partner is guilty of embezzlement, he could ultimately be charged with a crime or, if he files a bankruptcy, the debt owed could be held non dischargeable. However, that doesn�t assure your ability to protect your assets. Rather, you should discuss your personal financial situation with an experienced attorney to see what, if anything, needs to be done to protect your assets.

I trust this answers your question but would be happy to advise you on a free initial basis.

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Answered on 6/29/10, 6:48 am


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