Legal Question in Business Law in New Jersey

legal notification

I recently had to close my business due to losses from storm damage. My insurance was not sufficient to cover everything. I have rectified or gone into agreements with all my customers to reimburse except one.

In a letter from them, they have only given me 13 days to either come up with the merchandise or the funds. If I don't show up that day with either, they will have to pursue legal action. I cannot do either in that time frame. When I originally went to them I asked that I be given until February of 2004 and they would receive retribution in full in the amount of $4789.00. Come February I will be able to take a loan against my pension to pay them in full in the event I can't settle with my insurance company. I don't want to have to file for Bankruptcy.I'm asking if they are wrong in the amount of time they are giving me to make good. And is there some way to respond to that and point out that I don't want legal action taken, nor do I want to file for bankruptcy because of it.


Asked on 10/05/03, 12:39 pm

1 Answer from Attorneys
Robert Gleaner Robert A. Gleaner, P.C.

Re: legal notification

Depending on whether or not you personally guaranteed some of the debts, you may be able to avoid them entirely, with or without bankruptcy. I cannot give you a definitive answer without a full review of your situation. Keep in mind that this answer is given based on the scanty facts that you have given to me. My opinion may change based on further facts. Since no one can rely on the advice of any attorney that has not been retained, I would suggest that you obtain an appointment with an attorney, either me or someone else, to review your situation in full detail. Only then will you be able to rely on the opinion. If you call me at 856-546-8010, I will give you a conference, at no charge, and we will be able to discuss your matter in great detail. Good luck. Rob Gleaner

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Answered on 10/05/03, 7:30 pm


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