If I have a store that I franchise from 7-eleven and if I file for Chapter 11, can I still keep the store?

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If I have a store that I franchise from 7-eleven and if I file for Chapter 11, can I still keep the store?

It is a means of income for my family.

Asked on November 5, 2013 under Bankruptcy Law, California

Answers:

Terence Fenelon / Law Offices of Terence Fenelon

Answered 7 years ago | Contributor

The simple answer is yes, but it really depends upon the pplan of reorganization which is presented to the Court after filing.  If you are thinking about filing a chapter 11 without an attorney, good luck.  I have never heard of a successful plan in any juristiction. Even experienced consumer bankruptcy attorneys are hesititant to file a chapter 11. You may qualify for a small business chapter 13, depending upon the amount of your debt and the manner in which the underlying corporation is set up (sub-s or C corp?)

I would advise getting advice from a business bankruptcy attorney who can help you in treacherous wares.


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