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Maverick, Attorney
Category: Bankruptcy Law
Satisfied Customers: 6391
Experience:  20 years of professional experience
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I am closing my small business after having been open 7 months

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I am closing my small business after having been open 7 months (a dental practice). As a result, I have to file personal bankruptcy due to the staggering debt from leasehold improvements, equipment purchase, working capital, salaries, etc. I never received a salary. Ran out of WC & not growing adequately. What happens if I do not have some items that are listed on the bank notes (a lein) such as an appliance, a piece of small equipments, etc? I have most items, but some items are listed that I had originally paid cash for, and when I received funding after the purchase, the lein holder listed additional items. I have an attorney who is filing for me, including the business, but I won't be speaking with him for another week or so. I am just worried that I do not have exactly everything that is listed on the loan documents. Since I'm filing chapter 7, am I in trouble? I am insolvent as a result as well - I sunk every dime I had into the practice. Thank you

Not much to worry about, they may just ask you what happened to it and as long as you are not trying to commit fraud, they will just take whatever is left to try to satisfy the debt.



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