Legal Question in Bankruptcy in Texas

I sold my business last year and the buyer signed a promissory note for 50k. he can file a bankruptcy?


Asked on 5/11/11, 7:44 pm

2 Answer from Attorneys
Mark Dunn Mark D. Dunn

Yes.

However, if you did your paperwork right, he'll have to give the business back to you. If you did the paperwork right, the debt that he owes you is a secured debt, and if he doesn't pay it, he doesn't get to keep the collateral.

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Answered on 5/12/11, 6:48 am


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