Legal Question in Bankruptcy in California

Business gone, can't pay creditors

We had a family run retail business on a Nevada/California stateline. We were incorporated in Nevada but store was on California side. Business was good for eleven years but went down the tubes due to various circumstances. We have since been evicted from our site and the banks to whom we owe money are coming after us with a vengence. One of them froze our son's personal account. We signed as individuals and as corporate officers. We've sent them token payments and asked to negotiate the loans, but they are ignoring our requests. We didn't want to declare bankruptcy and don't even know if we can any longer with the senate's new bill, but feel as if our options are limited. We are on a limited income as Senior Citizens and our son has a son to support. We're starting to feel desperate. Please give us some solid suggestions. Thanks.


Asked on 4/11/01, 7:47 pm

1 Answer from Attorneys
Ken Koury Kenneth P. Koury, Esq.

Re: Business gone, can't pay creditors

if you signed as individuals then you are on the hook for the loans. as far as the new bankruptcy bill, it is not yet law so it wont affect you if you file now. perhaps you should consult with someone so you have a better idea of your options.

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Answered on 6/13/01, 7:50 pm


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