Legal Question in Business Law in Massachusetts
Chapter 7 and franchise agreement
I have a franchise and have failed at making it work out. I only signed the agreement as an officer of a corporation, not personally. I plan to file chapter 7 bankruptcy. My understanding is the franchise agreement is voided, at least in terms of me being bound by any covenants like non-compete. I plan to close the s-corp I set up just for the franchise, which failed.. I'm curious to know if the trustee decides not to take my company, since it has no value, do I actually still own the franchise? If the franchisor wanted me to stay on wouldn�t that require a new agreement?
Asked on 11/30/07, 1:56 pm
1 Answer from Attorneys
Warren Wood
Law Offices of Warren Wood
Re: Chapter 7 and franchise agreement
You definitely need a lawyer. This is far more complicated than a mere e-note can explain.
Answered on 11/30/07, 7:27 pm
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