Bankruptcy (not mine) legal advice

[Gunnibronco]

Not sure where to turn.

Anyone here a bankruptcy lawyer? or know a good/reasonably priced one?

A person/company who purchased my company has filed bankruptcy while still owing me a substantial amount of money.

Its not going to ruin my life if I don't get it, but feel like I should pursue protecting my rights. But.... if I'm not going to see any money, I really don't want to spend much time or money on this.

Really, looking for advice & to educate myself on if/how/why to proceed.

I talked to the one lawyer familiar with the sale of my business, but of course he is already representing another creditor, and can't "take my case"/conflict of interest. He shed some light on how I can proceed without getting too expensive, but it really just has led me to more questions than answers.

[Gunnibronco]

No lawyers in CCB?

I guess that is why it is such a cool club.

[cpldavis37]

Bankruptcy Lawyers sometimes offer free consultation also some lawyers will take your case for a % instead of hourly. Depending on the amount of money it could be worth hiring a lawyer. Don't quote me but when a business files for bankruptcy dependent on what chapter (ie 11 13 or what ever) they sometimes have to pay debt owed. It is my understanding that it can be first come first served. What I mean is the first creditors to file claims get payed and this goes on until the money is gone. Then again I could be totally wrong.

[Gunnibronco]

Thanks.

In this case the person has filed bankruptcy (chapter 7) but not the corporation. He is muddying the waters and seems to be fooling around with the company's assets/my collateral. So it looks like I stand to get some of my money, maybe.

Hopefully I can get someone who wont cost me more than I can recoup.

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[Moab Mike]

Can you seize the company for nonpayment?

[Justin]

If he's incorporated as an LLC, mixing company assets with his own may invalidate the protections provided by the LLC and could allow you to go after both the company and him personally. I'm a lousy lawyer and my wife hadn't ever practiced in this area. It'd absolutely be worth your time to have at least a one time consult with an attorney.

[Gunnibronco]

Can you seize the company for nonpayment?

He hasn't yet missed a payment to me, and his corporation (not LLC) hasn't filed bankruptcy. So i dont know where that leaves me.

Im surprised Im listed as a creditor on his personal bankruptcy. He thinks hes smarter than anyone else, so I bet he thinks he can manipulate the system and come out ahead.

Hes driving a new F350 diesel. I'd take that and call it even.

The more I think about it, after my conversation with the lawyer, I know I need to talk to someone. Iinitially, I thought there was nothing to go after, but now I think his corporate protection isn't as strong as he thinks.


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[Kinder]

My neighbor is a lawyer, but I think he works with social issues not business issues, anyway I'll ask him if he knows someone out your way.

[Gunnibronco]

Thanks.

I was told by 2 different lawyers to make sure to get someone who specializes in this stuff, not a divorce attorney. Lol.


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[Justin]

Yes, absolutely get someone that specializes in this stuff. My wife can take great care of you if you stab someone, but would be totally clueless in this area of law.

[akaFrankCastle]

Thanks.

I was told by 2 different lawyers to make sure to get someone who specializes in this stuff, not a divorce attorney. Lol.


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I always thought bankruptcy and divorce were related.

[Gunnibronco]

My wife can take great care of you if you stab someone, but would be totally clueless in this area of law.

Good to know.

Let me know if I can shed light on your corporation questions. Ive been owner or co-owner of several, and done much of the accounting and legal mumbojumbo for my companies since the late 90s.


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[Justin]

Thanks! I'm planning to call you, but was working yesterday almost straight through from 8am to 2am. Gotta love being the manager on call! You've been there.

[Gunnibronco]

Thanks.

I was told by 2 different lawyers to make sure to get someone who specializes in this stuff, not a divorce attorney. Lol.


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I always thought bankruptcy and divorce were related.

and stabbings.