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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Business Law
Satisfied Customers: 115463
Experience:  All corporate law, including non-profits and charitable fraternal organizations.
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Hi Paul, you have helped me out several times before and I

Resolved Question:

Hi Paul, you have helped me out several times before and I always appreciate your advise. W have previously talked about my design firm. To refresh your memory I allowed other designers to use my location to utilize for there business. I had a designer get fired by her client. He then sued my company that is an INC. for breech of contract. He would not allow us to finish his drapery and we had proof, But we went to court this week in front of a jury and they awarded her client 45k and 12K in attorney fees. Needless to say, I am going to have to BK the company and start another. I do not have a retail store. I do have office assets, Can I sale these? without reprocutions? Is there any steps I need to know. The judgement will be filed this week. Can you explain the process? After judgement is filed is it his lawyer that send a bill? Or the court system? Do they allow payments if I where to not file BK? If not, how long are you given to pay before turned over for collections? and if not paid, how long before I need to file BK? Thank you! Aimee
Submitted: 7 years ago.
Category: Business Law
Expert:  Law Educator, Esq. replied 7 years ago.
You can sell those items to pay the bills, but if you file bankruptcy now, then the execution of the judgment will he stayed and the bankruptcy will proceed, then it would be up to the bankruptcy trustee as to whether or no they will sell the assets of the business. You do not sell the assets first unless you are going to take that money from the sale and you would then have to document which creditors the money was paid to and that those creditors were ahead of the other creditors not paid (this is why it is simpler to file bankruptcy and let the trustee deal with this..

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