Legal Question in Bankruptcy in Illinois

Business Bankruptcy Corp S

My husband and I owe a motorcycle dealership. My brother in law is the co-signer on our loan with the bank for our floor planned vehicles. My husband is out of trust with the bank for $300,000. If we file bankruptcy can the bank or my brother in law file criminal charges against my husband?


Asked on 11/25/08, 3:29 pm

2 Answers from Attorneys
Motty Stone Law Offices of Motty Stone

Re: Business Bankruptcy Corp S

If you have been falsifying reports to the bank then you can indeed be held to criminal charges. Criminal charges are filed by a bank or your brother, they are filed by the State, but your brother in law or the bank could act as witnesses. If you are going to file for bankruptcy then you should speak to an attorney to avoid these types of concerns.

Please feel free to call us if you want to talk about this issue.

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Answered on 11/25/08, 3:46 pm
Charles Dobra Charles Wm. Dobra, Ltd.

Re: Business Bankruptcy Corp S

ASSUMING that you did not lie on your application and/or other loan application documents and/or reports, I don't perceive that criminal charges could be brought. You didn't list a zip code, but if you are in the Chicago Metropolitan area, I would be happy to consult with you. In the alternative, you should consult with a bankruptcy attorney in your jurisdiction, sooner than later. God Bless, and Good Luck!

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Answered on 11/25/08, 3:55 pm


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