Q: I HAD A FRANCHISE AND I HAD TO CLOSE DUE TO 0 BUSSINESS, WHAT ARE MY OPTIONS WITH FRANCHISE AND BANKRUPTCY
A:
I litigated this issue about a car dealership a few years ago.
Chrysler sent their ace litigator out of Kansas City to try the hearings in Philadelphia, trying to cancel the franchise. The judge let our debtor keep the franchise and sell it for $400K to a new franchisee.
There's a whole body of law, from several courts, nationwide, on this issue. Speak with a bankruptcy lawyer.
A:
Good Morning,
I am sorry to hear about your recent business closure. You could file a bankruptcy for the closed business, however, do not neglect to consider any personal guarantees you made while operating. Many times a business owner will also file a personal bankruptcy to address their own liabilities. You should set up a consultation with a few attorneys to discuss your options.
I wish you luck in all of your future endeavors!
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