Hi all of you,
My husband opened up a business and took out a loan with a personal guarantee. He and myself went out of town for a month and left the business in his brother's hands. His brother stole money out of the business. Two checks bounced as well. So, my husband owes the whole amount on the loan. They have no assets. They live in a home that is owned by his mother and she lives out of the country. So they asked his mom to sell the house and with that money pay off the loan, which she agreed to. Is this best option? I appreciate your help on this.
Thanks.