Need an ouside perspective.
My husband was an Accounting Manager working for a company "A" back in 2004 and purchased a rental property in the same area as his boss and owner of company "A". His boss and him were good friends at the time and he provided a loan of 10K from his company "A" and put it on the books to help with the down payment and closing cost of the house. Since then Company "A" has been dissolved in 2012 due to his boss's financial problems and had to file for bankruptcy. The loan of 10K had been written off the company's books as well as other loans to other people that he loaned out. He used my husband's name and another one of his friends to use as "owners" of the new company "B" since his name could not be any where and the creditors would come after this new company "B". Now company "B" is not doing so well and his boss is asking for repayment of the 10K loan from company "A". My husband has since finished school, gotten his CPA license and works full time at a CPA firm. He d oes part-time work for his old boss and still manages the money for company "B" and for another online company that his boss started. Which also does not make that much money . My husband thought that since the loan of 10K was written off and the company dissolved that he no longer would owe him. I get that his old boss is probably struggling financially right now and needs money. But I just wanted your thoughts about paying him back?
My husband was an Accounting Manager working for a company "A" back in 2004 and purchased a rental property in the same area as his boss and owner of company "A". His boss and him were good friends at the time and he provided a loan of 10K from his company "A" and put it on the books to help with the down payment and closing cost of the house. Since then Company "A" has been dissolved in 2012 due to his boss's financial problems and had to file for bankruptcy. The loan of 10K had been written off the company's books as well as other loans to other people that he loaned out. He used my husband's name and another one of his friends to use as "owners" of the new company "B" since his name could not be any where and the creditors would come after this new company "B". Now company "B" is not doing so well and his boss is asking for repayment of the 10K loan from company "A". My husband has since finished school, gotten his CPA license and works full time at a CPA firm. He d oes part-time work for his old boss and still manages the money for company "B" and for another online company that his boss started. Which also does not make that much money . My husband thought that since the loan of 10K was written off and the company dissolved that he no longer would owe him. I get that his old boss is probably struggling financially right now and needs money. But I just wanted your thoughts about paying him back?
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