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cfortunato
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Category: Bankruptcy Law
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Experience:  Bankruptcy professor.
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legal rights as a contractor bebating to file chapter 11 or

Customer Question

legal rights as a contractor bebating to file chapter 11 or 7 as a DBA company, I have been unfortunatley screwed 4 times back to back from clients totally 60 k plus. Although i will lien and file suite in civil court, my company is now in a bas finantuale situation due to this. I have stoped taking on new work to try and focus on procedures and policies to avoid these issues howver do have one remaining large job ongoing. Question is, being funds are scares, i dont think i have the funds to complete this job, actually i think i do, but it is all of my proffit and will be left with nothing once completed. can i file chapter 7 or 11 as a DBA business and not have to forfit all my proffits money, is there any criminal leagal action for not completing a job if i go out of business ?
Submitted: 3 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 3 years ago.

Hi JACustomer,

If you file a Chapter 7 for your business you will likely lose the profit you have coming in.

If you file a business Chapter 11, you should be able to keep some of your profit.

If you do not complete a job for any reason - including that you went out of business - there would be no criminal charge involved, as doing this is not a criminal offense.

 

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

Thank you!

Customer: replied 3 years ago.
Although the job is only 80 % completed per the original scope, facts are i gave the clients 30 k in upgrades. Can i shut down business with my proffit thus far in the bank, and assume a civil suite will follow ? or, what is the outcome of shutting down business just to servive with little money i have left in the bank .
Expert:  cfortunato replied 3 years ago.
That last question is a Business Law question, which I am not qualified to answer, as I am a Bankruptcy Law expert.
You can ask that question in the Business Law section.

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