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Kitchen remodeling firm went bankrupt, took our deposit
Louisville, KY
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Posted 10 months ago in Contracts / Agreements
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Six weeks after paying deposit for kitchen cabinets the firm (an LLC) we hired to do the remodeling job announced they were going out of business. We paid 50% of the project cost as a down payment. No product or service was delivered. Do we have any way to recover our deposit? Part of the deposit was interest free financing for 12 months offered by this firm. Are we responsible for re-payment of this loan? Thanks.
Answers (1)
Myron Herbert Budnick
This attorney is licensed in Florida.
Posted 4 months ago.
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Chances are slim to none. If a bankruptcy was filed you can make a claim in the bankruptcy proceedings. However it appears that you did business with a corporation and your claim would be against corporate assets if any. Usually there are no assets to collect against. Outside chance of a fraud action in the bankruptcy or with the states attorney.
Unless there is a great deal of money at stake or your are very rich the actions to recover have no commercial value as you will spend more money to get a lawyer to pursue the matter than you will see from the defunct company. The option stink. |
