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cortrightlaw
cortrightlaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 513
Experience:  Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.
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We have been contacted by a investment advisory company (husband

Resolved Question:

We have been contacted by a investment advisory company (husband and wife) who have number of property (residential rental property including their residence) for investment. they like to manage some of our finances. I found the following documents on internet that the husband filed for bankrupcy http://bankrupt.com/misc/nysb09-13845.pdf
I did not understand that someone who filed bankrupcy with so much debt can continue to thrive financially both in private and in business. To my knowledge, they still owns these properties and actually live in the primary residence in La jolla which is listed on the docs.
Would you explain this in a easy way?
Submitted: 2 years ago.
Category: Bankruptcy Law
Expert:  cortrightlaw replied 2 years ago.

cortrightlaw : Give me a minute to review your question
cortrightlaw : This smells like a scam and you should be very wary of what they are offering you as an investment.
cortrightlaw : The only way that they could still have assets such as a significant amount of propert is one if they did not list it on their bankruptcy schedules, or two that they filed a chapter 13 and paid back 100% of their debt over time. Additionally if the property was upside down with no equity then the bankruptcy trustee would not have been interested in the property, but that being said them why should you want to invest in it?
cortrightlaw : Start by checking to see if they even listed the property on their bankruptcy schedule.
cortrightlaw : If my answer has been helpful please click the accept button so I can receive credit for it.
Customer:

I think all of their propoerties are on the paper which I sent the link. would you be able to take a look at the link and explain waht that means? Are they off the hook on all these debt?

Customer:

The fact is I went to college with the wife and we have already asked to manage college fund for my daughter which is not large but I am thinking should I consider selecting another financial advisor...

cortrightlaw :

I just looked at the link and he filed a chapter 11 bankruptcy due to the high amount of debt. This type of bankruptcy requires a confirmed reorganization plan at the end, you could check the court website to see if a plan was ever presented and confirmed, if not then the debt has not been discharged by this bankruptcy filing.

cortrightlaw :

As far a using him I cant give you specific advise on that since I do not know enough, but I always say trust your gut, and you seem to have some concerns otherwise you would not be checking up on him.

Customer:

thank you very much!

cortrightlaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 513
Experience: Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.
cortrightlaw and 4 other Bankruptcy Law Specialists are ready to help you

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