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.
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.
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