Legal Question in Bankruptcy in New York

Dissolve or Bankrupt

My brother's company has been sued 3 times. He has not gone to Court w/ any of these summons. He wants to dissolve the business and present the dissolution papers to the vendors and feels that will dissolve him and the business. Will he loose the name forever and what about bankruptcy? Which is better? He is not sure whether to dissolve or put the company in bankruptcy. He cannot do a personal bankruptcy he has too much equity in his home. Which will free him of his debt the best?


Asked on 1/19/08, 2:30 pm

2 Answers from Attorneys
Nancy Delain Delain Law Office, PLLC

Re: Dissolve or Bankrupt

There are many issues that are not posted that affect the answers to your questions. Please have your brother contact an attorney to help resolve these issues. He would be best served by contacting one who is located geographically reasonably close to his business address.

Good luck.

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Answered on 1/20/08, 8:53 am
Jacob Silver Attorney At Law

Re: Dissolve or Bankrupt

How Much Equity does he have in his home and who is on the deed?

I cover Nassau and Suffolk Counties and My office is 1225 Franklin Ave.

Garden, City, NY

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Answered on 1/19/08, 6:20 pm


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