Legal Question in Business Law in Georgia

Business Bankruptcy Question

I have an older brother who has a business that isn't working out. He was to file for bankruptcy. The problem is that I have a business that I maintain that is under his name. Unfortunately, I did not have a good credit report and had to apply for a loan in my brother's name. What happens to my business if my brother files for bankruptcy? Will I lose my business too?


Asked on 2/18/07, 6:19 pm

2 Answers from Attorneys
Scott Riddle Law Office of Scott B. Riddle, LLC

Re: Business Bankruptcy Question

That is a question for a bankruptcy lawyer who handles business bankruptcies. He/she will review how things are set-up, and all other details. Assets in his name will certainly be something that is questioned by a trustee.

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Answered on 2/18/07, 6:24 pm
Glenn M. Lyon, Esq. MacGREGOR LYON, LLC, Business Attorneys

Re: Business Bankruptcy Question

It depends on what you mean by, "under his name", and whether your brother is filing personal or business bankruptcy, but certainly, as Mr. Riddle stated, any of the assets would be used to satisfy his debts.

If you would like to discuss any issues further, please feel free to contact my office. My contact information is below. Thank you.

The foregoing is general information only, not specific legal advice. No attorney/client relation has been created or should be implied.

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Answered on 2/19/07, 9:50 am


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