Legal Question in Bankruptcy in Kentucky

My parents own a small floral shop. My father actually operates the shop while my mother holds a job at a local hotel. My father puts everything he has into the business including his social security checks. He cannot meet his current debt but refuses to give up the business so he continues to fall futher and further behind. I am afraid he is going to drag my mother and sister (who works for him) down to the point they have nowhere to live or no food on the table. How can my mother protect herself since her name is also on the business? Can/should she file for bankrupty without my father? If she does how will that affect her assets? Will this force my father into bankrupty too? They need to just sell the business and move on but noone can convince him of this!


Asked on 7/19/10, 2:58 pm

1 Answer from Attorneys
Gregory Napier Troutman & Napier, PLLC

I wish there was a quick and easy answer to this situation. However, I would have to see exactly how the business is set up, how the debt is structured (and who is liable for what) and know what assets are at stake to come close to answering. You mother may be able to disentangle herself from the business and liability without bankruptcy, or she may be able to file individually - there is just no way to know. I recommend you try to have a consultative meeting with an attorney to go over the details.

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Answered on 7/20/10, 6:47 am


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