Covington, LA asked in Banking, Business Law, Civil Litigation and Divorce for Louisiana

Q: Divorced 2018.Owned small business with spouse. Signed rights to small business over to spouse. I was removed from LLC

LLC pays the note for the SBA loan. I'm still a guarantor on the loan. Bank won't release me. Ex says she can't get refinanced. I tried to refinance my house and was denied because of being a guarantor on loan. How do I get out of being a guarantor on the loan? Filed a motion for contempt and was told in HOC that ex isn't in contempt because ex can't refinance. Not ex's fault because property partition had no date and was silent on when it needed to be done by. All other property issues were settled in a year from separation of property.

1 Lawyer Answer
Ellen Cronin Badeaux
Ellen Cronin Badeaux
  • Covington, LA
  • Licensed in Louisiana

A: Your partition should have:

1) Given her the LLC,

2) stated she had 30/60/90 days to refinance SBA mortgage.

If it does, then hurry and hire a lawyer to OBJECT to the HOC. If it does not, then hire a lawyer to file a 2d Petition to Partition for Omitted Liability.

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