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Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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I recently sold my shares in a company I was part owner for

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I recently sold my shares in a company I was part owner for 20 years, I have 2 properties that secure a business loan along with the partner I sold them to, he has one property securing the same loan, he forced me out of the company with a predictament I rather speak to someone about, then type about. Our agreement to buy my shares is over 18 months, and have been notarized by lawyers and secured in writing, however he's paid me only 2 months and I believe he's about to file business bankruptcy, how do I combat what I feel is about to cut me short of my buyout arrangement, and risk losing the properties that secure the business loan that he's about to file Chapter 11 on. After 6 months by himself, He is preparing to file business bankruptcy, I really need to talk to someone about the risk at hand. Can you help me?
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 7 years ago.

You unfortunately cannot stop a Chapter 11 from being filed. However, you can object to any confirmation of a plan that is unsatisfactory to your interests.

Here is a site to locate local counsel:

Good luck.
Customer: replied 7 years ago.


Thanks for the advice, however in the short term how protected our my homes? Can he delay our most recent deal, or not pay for my shares?



Expert:  Ellen replied 7 years ago.

In a Chapter 11, a business can restructure its debt. Therefore, he can delay or possibly even negate your recent deal. In the short term, your homes appear to be unaffected. However, if the chapter 11 is not successful and the business liquidates, the property could be liquidated to pay the debt that it secures.
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