Major Problem... please give some advise

[w1120]

I live in North Carolina. I was married and then separated in 2006. I filed hybrid ch13 and was later discharged the end of 2007. I tried to get my ex to file with me and she refused. Well, we had a mortgage with First Horizon, It was a 80/20 loan. The loan was sold to EMC still 80/20. Well, I was covered on both loans. The house was sold in foreclosure by the bank. The first loan (80%) was paid off, the remaining second (20%) loan went on my spouses credit with a 38,000 balance. Mine showed $0. We obtained our divorce and I later married her (the same woman) a second time...funny huh. Well, no judgments have been attempted on my wife for the 38k. Problem, we are forming an S Corporation with two other couples (6 partners). My wife will own 25% of the private Corp. How will this play out? I am worried about a possible share levy or sale of stock by a potential judgment. Maybe even wage garnishment. Is a First Horizon Second Mortgage in a 80/20 loan "under seal" with a ten year SOL or basic contract 3 yr SOL. She will be out of a job this month, her company is closing (reason for starting a corp) ie new job.
Any info, thoughts or recommendations to protect everyone. I am not sure if she would meet a means test or not. I do not want her to file if any way possible. OR I could just carry on and wait it out, if something pops up later just deal with it then.

2006 filed hybrid 13 discharged 2007 current credit score 709

[tobee43]

i would wait it out....and then concern yourself about the situation.

if you become that successful, you will not have to worry anyway...with a s corp you should be protected....however, i would review this with your accountant and examine the llc as opposed to the s corp....just to sit down and to compare the liability aspect, and which best suit your needs.

good...or great luck in your new business venture!!