Help, I just want out.

[akw006]

I am part of a general partnership in Pennsylvania. My partner and I are under a contract that allows us to split away from the business and divide equally if any one of the parties choose to do so. Well I wanted out since my partner has become counter productive in the business. However, I learned that recently my partner filed Chapter 13 bankruptcy which included the income from the business. I am told I am stuck with him and can't get out of the partnership untill the bankruptcy plan is finished. I am losing money by the buckets and just want out with my share. Do i have any options? Thanks

Anthony,
Allentown, PA

 

[seniorjudge]

I am part of a general partnership in Pennsylvania. My partner and I are under a contract that allows us to split away from the business and divide equally if any one of the parties choose to do so. Well I wanted out since my partner has become counter productive in the business. However, I learned that recently my partner filed Chapter 13 bankruptcy which included the income from the business. I am told I am stuck with him and can't get out of the partnership untill the bankruptcy plan is finished. I am losing money by the buckets and just want out with my share. Do i have any options? Thanks

Anthony,
Allentown, PA

Yes, you need to hire a very good business attorney who is also a bankruptcy expert. Do this yesterday.

 

[HomeGuru]

I am part of a general partnership in Pennsylvania. My partner and I are under a contract that allows us to split away from the business and divide equally if any one of the parties choose to do so. Well I wanted out since my partner has become counter productive in the business. However, I learned that recently my partner filed Chapter 13 bankruptcy which included the income from the business. I am told I am stuck with him and can't get out of the partnership untill the bankruptcy plan is finished. I am losing money by the buckets and just want out with my share. Do i have any options? Thanks

Anthony,
Allentown, PA

**A: clarify the statement with the BK Trustee. The horse.

 

[seniorjudge]

**A: clarify the statement with the BK Trustee. The horse.

Do you mean the horse's mouth or the horse's ass?