Q: Hello, I am a business owner. I want to know if bankruptcy is an option for me.
I am a banquet hall business owner. My bank has refused to give me relief on mortgage payments because I was already behind 2 payments due to the increase in property taxes in the county. The bank has filed for foreclosure during covid and intends to appoint a receiver in June 2020. At this point, I am in litigation with my business partner and cannot afford to fight the foreclosure or maintain the building, nor can I fight the 3 lawsuits the partner has put on me. I do not have any income right now due to the building being closed and no business upcoming for the rest of the year due to covid anxiety.
A: I can't tell from your facts if you are facing a business bankruptcy, a personal bankruptcy or both. However, it sounds like you need a mechanism to stop the litigation and to liquidate debts in an orderly fashion. That is one of the functions of a bankruptcy case. I need to know more about your ownership position in the business before I can determine if you are an authorized person to file a business bankruptcy case. If you are in Cook or DuPage County I will be happy to meet with you to talk about the facts and to give you some options. Sincerely, Bryan.
Bruce Alexander Minnick agrees with this answer
A: It does sound as if bankruptcy could be tight for you although much kore info is needed to properly answer your question.
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