What will happen to my soon-to-be-ex's credit?

[bellababy]

Here is our situation:

My husband and I are getting divorced. We own a business together, and plan on continuing to run that business. I am going chapter 7 and will file in January. We have a $295K mortgage, $50K in cc debt, and a $170K SBA loan. One credit card and the business loan are jointly held by him (everything else is held solely in my name). The house is the collateral for the SBA loan, but the value is less than the current first mortgage. We have been advised to let our current company fold, and open a new LLC in NY state and start directing funds there as of Jan. 1 (we live in FL, but are relocating in 4 months).

What kind of credit hit will my (ex)husband take since his name is on the one credit card and the sba loan? Will they come after him?

[jribe]

for any joint credit: only your liability will be removed. They will likely go after your soon to be Ex for the balances owed, and any lates/delinquencies would show on his credit.

What is his reason for not filing as well? He will still be liable for the debt, and his credit will go south..

Here is our situation:

My husband and I are getting divorced. We own a business together, and plan on continuing to run that business. I am going chapter 7 and will file in January. We have a $295K mortgage, $50K in cc debt, and a $170K SBA loan. One credit card and the business loan are jointly held by him (everything else is held solely in my name). The house is the collateral for the SBA loan, but the value is less than the current first mortgage. We have been advised to let our current company fold, and open a new LLC in NY state and start directing funds there as of Jan. 1 (we live in FL, but are relocating in 4 months).

What kind of credit hit will my (ex)husband take since his name is on the one credit card and the sba loan? Will they come after him?