Legal Question in Bankruptcy in Texas

Uncle filing bankruptcy

My Uncle and I started a business, we didn't incorporate.

He is filing for bankruptcy, we are lsited as co-owners on the business.

I signed a promissory note to my uncle to pay half of the money he used on his credit card to pay for software we needed for the business.

Now that he is filing bankruptcy will his creditors go after me since the business was jointly owned.

The business has no debt, its only making a $100 a month. No credit cards in business name just his personal cards.

Will I owe just the $4,000 or what?

I have a fax/laser printer he purchased with his credit card will this be taken by the creditors for his debt?


Asked on 7/13/07, 4:40 am

1 Answer from Attorneys
Keith Engelke Law Office of S. Keith Engelke

Re: Uncle filing bankruptcy

If you did not use the credit cards it is unlikely that the card issuers will bother you for the credit card debt. However, since you are listed as a co-owner in the bankrupcty filing it appears that you operated the business as a partnership. Partners are personally liable for the debts of the business. However if the business has no debt, there is no liablity. See a bankruptcy attorney to review the facts and verity your options

Read more
Answered on 7/14/07, 8:21 am


Related Questions & Answers

More Bankruptcy Law questions and answers in Texas