Legal Question in Bankruptcy in Illinois
Bankruptcy
My husband and I filed Chapter 13 bankruptcy last year. I own a small business. I now have an opportunity to sell the business. What happens concerning the bankruptcy. After paying all the bills, I will have enough left over to pay off most of the bankruptcy. Will this shorten the term of the repayment plan? My attorney is a drama king and not giving me any straight anwers. Thank you for your help.
Asked on 3/27/07, 12:56 pm
1 Answer from Attorneys
Joseph Michelotti
Michelotti & Associates, Ltd.
Re: Bankruptcy
yes you can pay the bankruptcy off early, but you need to explain the source of the funds. Best to get an outside loan
Answered on 3/28/07, 10:12 pm
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