What will happen to business partner?

[Spartan]

Well, it is good that your sense of humour is still flying high. If you can keep a good sense of humour, then it will all be just fine.

I don't know anything about worker's comp. If your husband was injured on the job, then he has a strong case. Again, talk to a lawyer. Actually talk to several lawyers. You can always bring what they tell you, to the forum and the people here can offer you our 2 pesos worth of collective wisdom. With this forum, you don't have to go it alone.

I just looked up Texas bankruptcy exemption.

http://www.bankruptcyinformation.com/TX_exemp.htm

"...Property of business partnership..."

It seems that your business is excluded from your BK.

So is "...Workers’ compensation.." and "..tools of trade.."

And get this..."WAGES" . If your husband win the lawsuit or settlement, wouldn't that be counted as backpay?


Your situation is looking up.....


I have a feeling that, after you have talked to several lawyers, you will feel very good about your situation.


Note to self: Change homestead to TX ASAP...

[Spartan]

BTW, a word of advice. In the future, register your business as a LLC. General partnership, while convenient and costless to form, is a very disadvantageous business structure. You have unlimited liability to the business as well as anything your partners do or fail to do. Granted, your partners are also your family. The LLC is not to protect you from each other, but to protect ALL of you from outside creditors.

[Naive-n-Texas]

Bless you for looking into this mess for me.

Speaking of the lawsuit. The lawyers say that in our state of Texas, they really don't factor in pain and sufferring , but a practical settlement is the pay he has lost over the course of the lawsuit. $13k x 2yrs= $26k. We are starting on year 3. It does get better when they factor in the amount of retirement he is losing.........in the range of $185k. So yes, I think it is an issue of income. We will see.

note to self- check into selling offer on homestead to Spartan!
BTW- first and last business I'll ever have. Learned that leason thank you very much!