Legal Question in Bankruptcy in California

Hi,

We invested with a high risk commercial mortgage co. They immediately went Chapter 11. This was in 2006. I always have assumed we lost our money, but now we are getting notices that we owe taxes. I quess I am concerned this will never end. What are the possible ramifications to my own personal assets? This investment was in joint with one of my siblings.

Any help would be great. This was $50,000.

Thanks


Asked on 9/24/09, 11:00 pm

1 Answer from Attorneys
Bryan Becker Becker Attorneys

I am concerned because you use the term "investment" but if your getting tax bills that would indicate that you were considered to have an ownership interest beyond just a limited investment. A review of all the facts would be necessary to properly advise. Feel free to contact me if you would like to discuss the specifics.

Regards,

Bryan

[email protected]

619.400.4929

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Answered on 9/25/09, 3:15 pm


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