How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask cfortunato Your Own Question
cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
14232603
Type Your Bankruptcy Law Question Here...
cfortunato is online now
A new question is answered every 9 seconds

if a party files bankruptcy & list you as a debt, that the

Customer Question

if a party files bankruptcy & list you as a debt, that the lender has a business thats not incorporated would the debtor have to list personnal names & DBA with the business name as well?
Submitted: 6 years ago via Cornell Legal Info Institute.
Category: Bankruptcy Law
Expert:  cfortunato replied 6 years ago.

Hi JACustomer,

1) Did the party file a personal or a business Bankruptcy?

2) Was it a Chapter 7 Bankruptcy?

Customer: replied 6 years ago.
Business chapter 7
Expert:  cfortunato replied 6 years ago.

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.

 

I think this is what you wanted to know. If not, please let me know.
Thank you!

Customer: replied 6 years ago.

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?

Expert:  cfortunato replied 6 years ago.

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.

 

I think this is what you wanted to know. If not, please let me know.
Thank you!

Related Bankruptcy Law Questions