Q: Someone was buying my business. They owed me $85,000. Did bankruptcy. Why do they get to keep my business and make money
It seems to me that if you possess any asset without paying for it that is theft. Why were they allowed to keep the business and make money at it.? It is not their only source of income. Besides, it is not their business. If you are buying a car and fail to pay for it, it get repossessed. Why do they get to keep the business and I am out $85,000? This business is in San Diego county, but I live in Tulare county.
Lawyers, want to be a Justia Connect Pro too? Learn more ›
- California
- (916) 704-3009
- View Profile
- Answered
A:
It sounds like you're facing a frustrating situation. In bankruptcy proceedings, assets and debts are handled according to specific laws. When someone files for bankruptcy, their debts can be discharged, meaning they are no longer legally required to pay them. However, this doesn't necessarily mean they get to keep the business without any consequences.
In your case, it would be helpful to know if there was a formal agreement or contract in place regarding the sale of your business. If there was, you might have legal grounds to challenge the bankruptcy discharge or seek a claim on the business. You could also consider checking if the bankruptcy court was aware of the transaction and your claim.
It's crucial to explore your legal options. Consulting with a lawyer experienced in bankruptcy and business law in California can provide clarity on whether you have grounds for repossessing the business or receiving compensation. Legal advice can guide you through the necessary steps to protect your interests and potentially recover your losses.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
