What is my recourse if my former partner who owns 24.5 % of the stock in my business and owes me 4.3M dollars has filed a Chapter 7?

Get Legal Help Today

 Secured with SHA-256 Encryption

What is my recourse if my former partner who owns 24.5 % of the stock in my business and owes me 4.3M dollars has filed a Chapter 7?

Asked on August 30, 2011 Florida

Answers:

Mark J. Markus / Mark J. Markus, Law Offices of

Answered 10 years ago | Contributor

If there are assets being distributed in the Chapter 7, you will be notified and you should file a proof of claim to share in the distribution.  Otherwise, unless you have some basis to challenge the bankruptcy (such as proof of false statements on the petition and schedules), there isn't much you can do.

Mark J. Markus, Attorney at Law

Handling exclusively bankruptcy law cases in California since 1991.

http://www.bklaw.com/

bankruptcy blog: http://bklaw.com/bankruptcy-blog/

Follow Me on Twitter:  @bklawr

Mark J. Markus / Mark J. Markus, Law Offices of

Answered 10 years ago | Contributor

If there are assets being distributed in the Chapter 7, you will be notified and you should file a proof of claim to share in the distribution.  Otherwise, unless you have some basis to challenge the bankruptcy (such as proof of false statements on the petition and schedules), there isn't much you can do.

Mark J. Markus, Attorney at Law

Handling exclusively bankruptcy law cases in California since 1991.

http://www.bklaw.com/

bankruptcy blog: http://bklaw.com/bankruptcy-blog/

Follow Me on Twitter:  @bklawr


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption