Bankruptcy Law Questions? Ask a Bankruptcy Lawyer Now.
1) Did the party file a personal or a business Bankruptcy?
2) Was it a Chapter 7 Bankruptcy?
Since this is a business Bankruptcy, the business's debts will not be discharged (only individuals' debts can be discharged in a Bankruptcy). The business' assets will be liquidated (sold) and paid to all listed creditors in proportion to the debt that is owed to each.
It was not necessary for the debtor to list personal names or a DBA. If, after the debtor's assets are sold, there is any money to distribute to the creditors, a check will be sent to the creditors' name and address as listed on the Bankruptcy.
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If the party filed bankruptcy under personal, would that make a differance? Would the party have to list both personal names & the lenders business name as well?
If the money was loaned by a business, it is only necessary to list the business name. It is not necessary to include the owner's name or any DBA name.
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