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 10 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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