Legal Question in Bankruptcy in Michigan
Filing on Corporation partnership which was only with family members
My mother and brother formed a corporation to build a night club together. She is 72 and non employed. She has only limited income and saddled with the debt of the bussines plans and a second mortage that was used as front money. Which section should she take? Ch 7, or Ch 11. If she did not have this debt she will be able to pay her other bills. (Utilities, and a credit card). She thinking of selling her house to get out from this debt.My brother has signed off on the bussiness and accepted his loss. He is 35.
1 Answer from Attorneys
Re: Filing on Corporation partnership which was only with family members
Ch. 11 is for business reorganization - and it sounds like your business has failed and is closed. I can't tell if your mother would be a candidtate for a chapter 7 or maybe 13 with the facts that you presented.
I would be willing to discuss a possible bankruptcy in further detail if your mother resides in SouthEast Michigan or further west to Jackson.
Don
Related Questions & Answers
-
Dismissed What happens when you have been in Chapter 13 for approx. 5 1/2 years,... Asked 10/10/01, 10:04 pm in United States Michigan Bankruptcy Law
-
Keeping my house if I file for bankruptcy. We are on time on all our mortgage... Asked 10/09/01, 2:13 pm in United States Michigan Bankruptcy Law
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
