Legal Question in Bankruptcy in New York
small business needs help
We're in negotiations in trying to sell our small business, my question is after the sale of the business,if we do not have enough money from the proceeds to completely pay-off our bank loans and credit card debt that we have incurred thru the business, can or should we file for bankruptcy? We're a Sub-chapter S corp.
Asked on 10/18/04, 12:15 pm
1 Answer from Attorneys
richard feldman
richard d. feldman
Re: small business needs help
you may not be able to discharge thos left over debts as you are favoring certain creditors you might want to file before you dissolve.
Answered on 10/18/04, 12:43 pm
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