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cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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I bought a business in 2004. The company is still in operation

Resolved Question:

I bought a business in 2004. The company is still in operation today. The purchase was from a holding company. I filed for Bankruptcy in 2009 and listed the sole owner of the holding company as a unsecured non-priority claim. I listed his name and company address. The Bankruptcy was closed in July 2009. Today he contact me and said I owe him the money? Do I?
Submitted: 2 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 2 years ago.

cfortunato :

Hi JACustomer,

Customer:

hi

cfortunato :

Was the money that you owe or owed to the holding company secured by the business?

cfortunato :

In other words, did your agreement with the holding company state that if you did not pay the money to them, that they could then take back the business?

Customer:

no doesn't say anything one way or the other just I will pay them back at 2% of sales monthly

cfortunato :

Given the information your provided, and assuming you received a discharge (closing does not mean discharge), your debt to this company was discarged in your Bankruptcy.

cfortunato :

I misspelled discharge in the last sentence.

Customer:

even though it listed him and not the company on the discharge

cfortunato :

Did the Bankrutpcy trustee take any assets from you when you filed your Bankruptcy?

Customer:

no

cfortunato :

When a Bankruptcy is filed and there are no assets, all the debtor's debts are discharged - whether or not they were listed in the Bankruptcy.

cfortunato :

This means it does not matter that you did not list the company name.

cfortunato :

And even if you have not listed the owner's name either - that debt was discharged.

Customer:

One last ?. My holding company bought the company and owed their holding company - I personalty file - not my company

cfortunato :

If your company owed the money, why did you include this debt in your personal Bankruptcy?

cfortunato :

What business form is your company - corporation, sole proprietorship, etc.?

Customer:

llc

cfortunato :

Since you listed this debt in your personal Bankruptcy, only your personal liability to pay the debt was discharged.

cfortunato :

Your LLC's debt could not be discharged in your personal Bankruptcy.

Customer:

so my holding company still owes the $$

cfortunato :

This means your LLC still owes this debt.

cfortunato :

Yes - your holding company still owes the debt.

Customer:

thanks then I will pay

cfortunato :

You're welcome!

cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience: Bankruptcy professor.
cfortunato and 2 other Bankruptcy Law Specialists are ready to help you

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