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Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Bankruptcy Law
Satisfied Customers: 12933
Experience:  B.A.; M.B.A.; J.D.
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I have a consulting business using a sub contractor for work.

Customer Question

I have a consulting business using a sub contractor for work. Our cash flow is in serious trouble and invoices are behind. My question is, if we move to bankruptcy is there a possibility of felony theft if we are unable to pay the remaining invoices we owe to our sub contractor, currently in excess of 85K
Submitted: 3 years ago.
Category: Bankruptcy Law
Expert:  Phillips Esq. replied 3 years ago.

Were you paid for those jobs?

Customer: replied 3 years ago.
Yes. The job has operated at a loss from the start however which is where the defecit has developed.
Expert:  Phillips Esq. replied 3 years ago.

 

Thank you for the quick response.

 

Now back to your initial post:

 

I have a consulting business using a sub contractor for work. Our cash flow is in serious trouble and invoices are behind. My question is, if we move to bankruptcy is there a possibility of felony theft if we are unable to pay the remaining invoices we owe to our sub contractor, currently in excess of 85K

 

Response: No. However, the subcontractor may file objection to your bankruptcy by alleging fraud since you were paid for the job but you did not pay the subcontractor after receiving the payment. The objection would be to dischargeability of the $85,000.00 debt. If or when this objection is filed, it is essential that you respond to it. The Court would then make a ruling on whether the debt should be discharged or not--should be wiped out in the bankruptcy.

 

Phillips Esq., Attorney-at-Law
Category: Bankruptcy Law
Satisfied Customers: 12933
Experience: B.A.; M.B.A.; J.D.
Phillips Esq. and 4 other Bankruptcy Law Specialists are ready to help you
Customer: replied 3 years ago.
I asked a follow up question but did not receive a reply
Expert:  Phillips Esq. replied 3 years ago.

Where is your follow it up question?

 

I did not see it.

 

Did you address it to AttorneyPhillips?

 

Kindly resubmit it and make it attention to AttorneyPhillips so that I will be able to see it.

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