Legal Question in Business Law in Pennsylvania
My husband was a self employed mason contractor for 17 years. This past June he started working for someone else due to the poor construction. We have roughly $7000.00 in business debt that we cannot repay and also meet our monthly personal obligations. Please advise.
Asked on 7/29/10, 5:13 pm
1 Answer from Attorneys
Kevin B. Murphy
Franchise Foundations, APC
Try to work out a discounted repayment plan with the creditor (e.g. $4k over 5 years). Especially in this economy, creditors are very accommodating. They realize if they are not, you will just file for bankruptcy and they get nothing. Consult with an attorney in your area for specifics.
Kevin B. Murphy, B.S., M.B.A., J.D. - Mr. Franchise
Franchise Attorney
Answered on 8/04/10, 6:48 am
Related Questions & Answers
-
Is it OK to use personal letters from a living person in a book? Asked 7/23/10, 11:14 am in United States Pennsylvania Business Law
-
How much notice does a business have to give its employees before closing? Asked 7/20/10, 8:31 pm in United States Pennsylvania Business Law
-
In a 49/51 percent partnership where the 51% is the manager/partner and i am... Asked 7/20/10, 7:22 pm in United States Pennsylvania Business Law
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
