Legal Question in Bankruptcy in Illinois

Im trying to sell my business & being forced into chapter 13. I will gain nothing from the sale, only save face with creditors, some of which are family. Im afraid with the downed economy & the credit issue with suppliers, Ill not be able to make the monthly payment. Can I still sale the business after chapter 13?


Asked on 8/11/09, 6:55 pm

1 Answer from Attorneys
Adam S. Tracy Securities Compliance Group Ltd

Thank you for your question. I would caution against selling your business after the Chapter 13 if it is your only source of income. That would almost certainly ensure that you cannot meet your monthly payment (unless of course the proceeds of the sale were enough to make the payments). Have you considered a chapter 11? A chapter 11 is much like a Chapter 13, however, it is designed for business owners. It will allow you to repay your debts over time while remaining in business. I would be interested in speaking to you further. Please feel free to contact me should you have any additional questions. I am available for free phone/email/in person consultations. My email is [email protected]

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Answered on 8/22/09, 3:22 pm


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