topic Re: Should I file for Chapter 11 in Bankruptcy

Should I file for Chapter 11

Rocket85 — Mon, 04 Nov 2024 14:02:25 GMT

Hi , I am looking for some advice in a current situation.

I recently sold my company a little over 2 years ago. I signed a lease agreement with the new landlord a few months before I sold. I sold due to mental health reasons. I actually signed the bill is sale paper work while I was away in rehab. The business went under and my contract has not been fulfilled ,which I really have no problem with. I really just want to walk away from what has become a huge anchor . The problem is the person I sold to apparently did absolutely nothing . I recently just received a summons from the landlord for $76000 in unpaid rent. This is the first time I am hearing of any of this . I'm sure the person I sold to is pretty much bankrupt. Sounds like he was gambling and snorting everyone's money away and not paying a **bleep** thing . Should I just file for bankruptcy and move on. Anybody have any advice .

Re: Should I file for Chapter 11

FicoMike0 — Mon, 04 Nov 2024 20:24:06 GMT

So, did you sell the business or not?

If it's I'd not, what kind of shape is the business in? Is it incorporated? Any assets? Other liabilities beside the $76,000 rent?

Re: Should I file for Chapter 11

Rocket85 — Mon, 04 Nov 2024 20:34:16 GMT

Yes I sold the business two years ago. Business is done. The person I sold to who was my former business partner got evicted . He wasn't paying rent , wasn't paying me , basically was just taking money and gambling it away and snorting it up his nose . This is the first I have heard that rent wasn't being paid . The landlord is serving me because my name is on the initial lease . I have nothing to answer your question .

Re: Should I file for Chapter 11

FicoMike0 — Tue, 05 Nov 2024 23:44:24 GMT

Is it incorporated or a partnership or what? How did you transfer ownership? Is the lease still in force?

Re: Should I file for Chapter 11

IsambardPrince — Fri, 20 Dec 2024 03:21:59 GMT

@Rocket85 wrote:
Yes I sold the business two years ago. Business is done. The person I sold to who was my former business partner got evicted . He wasn't paying rent , wasn't paying me , basically was just taking money and gambling it away and snorting it up his nose . This is the first I have heard that rent wasn't being paid . The landlord is serving me because my name is on the initial lease . I have nothing to answer your question .

This isn't about whether you should file for bankruptcy, but I'd be careful about running around saying someone gambled money and "snorted drugs", or you could have them filing a lawsuit for defamation if it becomes obvious who you are talking about.

Civil defamation usually does protect the reputation of some really bad people and silence others so they can't talk about them, but the damages can be severe and not necessarily dischargeable. The upside of talking smack about people is almost never worth it.

I had a landlord once who threatened to file a defamation lawsuit against me for posting a review of him that said he rented to someone who had vicious dogs and parked blocking the entrance so I couldn't get my car in and out. I asked an attorney for advice, they said just don't ever say bad things about people in public.