Business Partner Left Me With $100k in Debt
I am currently dealing with a financial situation that I am unable to manage on my own and would appreciate some guidance.
I became involved in a business deal that turned out very poorly, and as a result, I am now responsible for over $100,000 in credit card debt. The other party was responsible for making payments. At this point, payments have not been made as agreed. I am beginning the process of taking the individual and his business to court. I am located in NY.
I currently have a bank CD and a home. However, the situation is complicated because these assets are not entirely mine alone. I originally co-signed the home with my mother, and after the mortgage was paid off, ownership was transferred solely into my name. The CD is also jointly signed.
How long does it usually take for banks to pursue assets?
If I remove my name from the CD or transfer the home to someone else, could those transfers be reversed later if I am unable to pay the debt?