Separating Non-Profit Blues from Personal Finances

[newbie]

Hello everyone - I am new to the list and have a question that I would appreciate someone answering for me.

We run a non-profit 501(c)(3) organization that has been in debt for a decade. We can not get out of debt. Years ago, my husband had co-signed for the credit cards for loans to run the organization.

We love our organization, but it is becoming depressing to know that we may never get out of debt.

Can the organization claim bankruptcy and not pull my husband into the bankruptcy along with it? Or does my husband have to claim bankruptcy, which I do not want him to do at all!

So, my question is: Will we be able to claim bankruptcy for the non-profit and relieve my husband from being responsible for the debt? Then, can we start a new non-profit with a clean slate?

Thanks so much!

Newbie

[HRx]

Your husband may or may not be able to file BK on the company alone without affecting his credit. You'll want to work with an attorney that savy at working up BK's for non-profits.

Good Luck!