We have a business and have a loan that has a UCC lein on the equipment. Is there any way to fight it and keep the bus. open?
Question Details: We had 2 pizzerias, 1 had to close. We filed a per chap.7 BK. in July. The bus. that is open has 18 employees and is our sole livlihood. We changed the corp. name and bought the equip. from the other rest. back in Jan 09. Chase has a uuc lein for a loan of $26000. on the equip. Is there any way to keep our bus open and fight it w/o filing a chap. 11? We have a tax statement showing the equip is only worth $4700. We have tried to neogiate, but they are stubborn. How do we save our business?
Bankruptcy Law Answers
I am a lawyer in CT and practice in this area of the law. When the first restaurant closed why didnt the lien holder take back the equipment? if yor new corp bought the equipment from the failed corp, then you took the equipment subject to the lien. if that is the case, then the lien holder can come after you now for the equipment. I suggest working out a new payment plan with the lien holder or obtaining a new loan to pay off the lien holder and make payments to a new lender such as a bank.
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