business BK

[edm]

What is the name of your state? Washington

We had a business that we gave away in sept. 06. I know that sounds funny, but someone actually took over our business with no exchange of money.
We have several credit cards we are still paying on such as Home Depot, Lowes, Office Max, is it possible for us to file a chapter 7 and gain relief from these debts?

 

[seniorjudge]

I am assuming that the cards are in the name of the business (and not in your personal name).

I am further assuming that you did not have a contract with the new owners of the business that said they would take the liabilities as well as the assets.

Are both of these assumptions correct?

 

[edm]

Thanks for your quick reply.

The cards are all in the business name, not my name.

We actually do have a sale agreement stating that no money is changing hands however the new owner was to assume all business liabilities as well as assetts. He has not done that. As a matter of fact we had a exterior lighted sign that is in my name as well as the business name that the new owner was supposed to sign a new contract and take over, he refused to do so and now the sign company has repossesed the sign and are holding me responsible.

 

[seniorjudge]

Thanks for your quick reply.

The cards are all in the business name, not my name.

We actually do have a sale agreement stating that no money is changing hands however the new owner was to assume all business liabilities as well as assetts. He has not done that. As a matter of fact we had a exterior lighted sign that is in my name as well as the business name that the new owner was supposed to sign a new contract and take over, he refused to do so and now the sign company has repossesed the sign and are holding me responsible.

The sign company and the credit card companies are not bound by your agreement with your buyer because they are not parties to it.

So, you need to go talk to a bankruptcy attorney.