The bank has forced me into either quickly selling my business far undervalue which is my only income before the foreclosure hearing or declaring chapter 11. I have many claims to file suit against them, consulted several attorneys, receiving different advice. Wait and file after bankruptcy and/or foreclosure, file the same time as bankruptcy, attorney bring up claims in bankruptcy. My claims run the gamete from discrimination, blackmail, unfair lending and many claims of mtg fraud. Waiting is fine but I know how long lawsuits take to be heard. How am I to survive until then and no guarantee I'll win no matter how strong the evidence.
I would like some additional opinions on the pros/cons of each or any other suggestions.
Chapter 7 Bankruptcy Attorney
Impossible to tell you what to do without a very extensive evaluation of the facts and damages from each cause of action. Likely that some of the causes of action would be property of the bankruptcy estate if the claims arose out of thebusiness. Losing the business may be a main element in damages for some or all of these claims. Impossible to evaluate without going over a detailed statement of the facts and determining the applicable law.
Disclaimer: This answer does not constitute legal advice. I am admitted in the States of New York, New Jersey and Massachusetts only and make no attempt to opine on matters of law that are not relevant to those three States. This advice is based on general principles of law that may or may not relate to your specific situation. Facts and laws change and these possible changes will affect the advice provided here. Consult an attorney in your locale before you act on any of this advice. You should not rely on this advice alone and nothing in these communications creates an attorney client relationship.
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The same response as your last question. You are asking for guesses or speculation based on a couple sentences of the story, when the story clearly shows you have a very complicated situation. Call lawyers Monday to make an appointment or two.
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As an extension to my last answer, if you are serious about Chapter 11, you will have to list the causes of action as assets on your Schedule B. The Bankruptcy Court may not have jurisdiction to hear your claims and counterclaims, and besides, there is already a final judgment from the State Court, which the Bankruptcy Court will be obligated to honor. Are you seriously going to try this without a competent Chapter 11 attorney? That is foolish.
Posting questions anonymously and receiving general answers do not substitute for consulting with an attorney licensed to practice in the jurisdiction in which you live. Answers posted here by Kevin C Gleason are only intended for general education of the public on legal matters. Please consult a qualified professional before deciding what to do about your situation.
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