Found an issue on this page? Let us know and we will look into it as soon as possible.
My business partner is declaring chap 7 bankruptcy. I need to know if I have any legal protection as her partner in an LLC.
Anonymous13 views1 answers
We have, with our husbands, personally guaranteed our business bank loan. Do we have any recourse against them in the repayment of secured debt? The business is not profitable and may be dissolved, but the debt needs to be paid. Can I sue her in any court (even if its small claims only) to receive a judgment? The collateral on the loan they used was their last house, but they since bought a new one and have no equity. If they didn't report it to the bank, can it be considered fraud. Lastly, if I consult a local attorney, in what law should he/she specialize? The bankruptcy attorneys are giving me the brush off since I am not filing and my partner is. Help!
Nathan M. Hull
5 stars
8 reviews
Rating:
10
Business Attorney in Charlotte, NC
Reveal number
tel: (704) 375-8488
Private message
Call
Message
Profile
Posted
on Jul 9, 2009
You should look for a general busines lawyer or bankruptcy lawyer in your area. You cannot sue your former partner if she has filed bankruptcy as it would be a violation of the automatic stay. Any claim you have against her will probably be discharged in bankruptcy anyway.
Asset within the LLC should be protected from your partners creditors as creditors should only be entitled to a charging order (the right to the profits your partner was to receive). Since the business is defunct that should not be an issue.
If you have cosigned any debts the bankruptcy will probably mean that your partner will not be obligated to help in payment of those debts.
More
2
found this answer helpful
found this helpful
|
0 lawyers agree
Undo Vote
Helpful
Undo
Unhelpful
Undo
0
comments
