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Business Debt/LLC, Corp debt, divorce

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Expert: Christine Janklow - 1/13/2008


Question
Don't know who to ask.
Husband owns a business, is Incorporated. 26 years.
Bought a building with partner (LLC) and leases space in the building. 7 years.
LLC is losing money BIG time. Without my knowledge, he used all equity in our home of 26 years, our retirement, college fund, maxed out 6 credit cards (in his name)to buy LLC and pay debts. Salary used for LLC and Corp debts. We have NO shared accounts (credit cards, savings or checking) I have no money in my checking or savings or CD, having used it for my daughter's college expenses and my living expenses. I do not work now (can't afford hearing aids). We are as good as bankrupt.
As the spouse in community property state who is not named on his business or LLC, what would happen financially if I divorced? We are both in our late 50's.

Answer
Victoria:
Thank you for your inquiry. I regret the situation you find yourself in and want to offer some meaningful advice. However, I don't have enough info to do some research on your behalf. If you can tell me what state you are in, do you still own a home and are you existing on government aid such as Social Security or SSDI? Please select the option to ask a follow up question to respond and I will see what more I can find out for you.
Respectfully,
Christine Janklow

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Christine Janklow

Expertise

As President of SettleSource,Inc. a business debt settlement firm, I invite you to inquire about all aspects of business debt solutions to best determine which may be most appropriate. If you have questions such as: What is debt settlement and how process provide debt relief to my business? What options are available to deal with my business debts? Is it possible for a business owner to negotiate their own settlements? Why is debt settlement preferable to filing a bankruptcy or debt consolidation? Why are creditors willing to provide settlements to a business? How will settling debts affect credit scores? or How to rebuild a business after debt is eliminated. Please ask it now! For more information regarding how debt settlement can help your business, please visit www.SettleSource.com and place your inquiry. Mention All Experts to have a confidential no cost consultation with Christine. If this is your business situation time may play a very important factor in getting matters resolved proactively before they have negative affects on the business.

Experience

My expertise is specific to providing business solutions that will have profound positive impacts on the financial health of businesses. I have 25 years experience as an entrepreneur and have developed national sales programs; strategic alliances; product development; marketing programs; business and turnaround plans and debt settlement programs all providing methods to improve the financial outlook for large and small businesses. In the area of commercial debt settlement I have over 10 years experience working with large and medium corporations and closely held businesses to enable successful debt reduction and turnaround. I am a professional debt arbitrator and have negotiated with major banking institutions as well as vendors, suppliers and other trade creditors.

Organizations
Provisors;Turnaround Management Association; Los Angeles area

Publications
Accounting Today; Web CPA; National Restauarant Association;Los Angeles Daily News; Today Magazine Monthly series of business articles entitled "Brand News."

Education/Credentials
Bachelor of Business Administration; Associate of Arts Merchandising

Past/Present Clients
American Airlines, American Express, Safeway Inc., New York Life, consumer products manufacturers; retailers, food service industry and other small businesses and service providers.

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