Legal Question in Credit and Debt Law in Michigan
Can I file Chapter 7 Bankruptcy?
My husband was the foreman of a poured walls company for many years, the owner was a friend who he had actually trained years before in this field. The owner decided he wanted to start another poured wall company with my husband as his 49% owner partner. The company did fine the first year but than NOTHING! Mostly because the partner would not contribute anything to the business & my husband did everything he could to keep it going but because he had no help & the because of the economy it went under. His partner had promised him if the business failed he would lose nothing & could come back as foreman for his original company. That was a lie, they went out of business, liquidated everything but the poured wall panels which are about $30,000-40,000 & he didnt get his job back & now the partner has sent us a bill for $500.00 a month panel payment. He had told us he wants to keep the panels & would pay for them himself but now we get a bill? Is there any advice you can give us? My husband is trying to sell them but we're afraid if we find a buyer, he wont accept it, he's weird! can my husband file for chapter 7 bankruptcy? or are there any other options?
2 Answers from Attorneys
Re: Can I file Chapter 7 Bankruptcy?
It is no possible to tell if your husband is eligible for a Chap. 7 bankruptcy without more information. I would be happy to provide a free consulation. You can reach me at 248.679.1552.
Rochelle Guznack
Re: Can I file Chapter 7 Bankruptcy?
Was there a partnership agreement? The Uniform Partnership Act applies to partnerships. This can be found at MCL 449.29 et seq.
You could consider bankruptcy, but you should seek the advice of an experienced attorney before doing this as it appears that there is a right to the panels and that they could be liquidated to pay for any liability.
(Please do not rely on this communication which does not create an attorney-client relationship and which is intended merely as a discussion of legal principles and is not to be relied upon.)
If you have further questions or concerns, or desire more specific information, please contact me at www.lawrefs.com.
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