Millsboro, DE asked in Bankruptcy and Consumer Law for South Carolina

Q: I provided a $10,000. deposit to a business in SC. I'm retired and this money is a big chunk of my income.

The company is an LLC and manufacturers RV's and was going to file Chapter 7 bankruptcy but I'm now being told they will not do so. It as also been brought to my attention that the owner has personally lost his home, vehicles and is living with a relative. The latest news is that a major company is working on a deal to take over production. Is this something that can be used as leverage if I decide to file a lawsuit?

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2 Lawyer Answers

A: Unless you have some written agreement memorializing your $10,000 "investment" you may be in big trouble. Situations like this do not end well for small investors like you. If you are retired, stop "investing" in these kinds of "money-making get rich quick" schemes.

Timothy Denison
Timothy Denison
  • Bankruptcy Lawyer
  • Louisville, KY

A: You need to hire an attorney immediately to help you try and recoup your investment.

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