Ken Steele
Junior Member
What is the name of your state? Louisiana
My wife and I purchased a bed and breakfast in March 06 based on P&L's that showed it was making enough money to pay debt/mortgage et al...after 6 mos, it's not making anywhere near what the P&L showed and we're fast running out of all our savings that was supposed to be used only during the 2 months a year that business was slow. I guess my question is whether this falls into business or consumer BK and would there be any recourse through litigation on the former owners and how they got the $'s on the P&L...? I figure there is no suing the prior owners since they could simply blame Hurricane katrina and the lost population in Louisiana for the drastic reduction in occupancy...I have no legal knowledge and would appreciate any info given.
Thank's
Ken
My wife and I purchased a bed and breakfast in March 06 based on P&L's that showed it was making enough money to pay debt/mortgage et al...after 6 mos, it's not making anywhere near what the P&L showed and we're fast running out of all our savings that was supposed to be used only during the 2 months a year that business was slow. I guess my question is whether this falls into business or consumer BK and would there be any recourse through litigation on the former owners and how they got the $'s on the P&L...? I figure there is no suing the prior owners since they could simply blame Hurricane katrina and the lost population in Louisiana for the drastic reduction in occupancy...I have no legal knowledge and would appreciate any info given.
Thank's
Ken