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What if a company repos. a piece of my business equipment before my corporation files for Chapter 7 or 11?
Snellville, GA
Viewed 22 times.
Posted 3 months ago in Bankruptcy / Debt
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I have business that is organized and existing under the State of Georgia. My corporation bought a piece of heavy equipment that it uses in business. I have not generated enough money in my business to pay for the equipment during the past six months. The company repod. the piece of equipment yesterday. I am thinking about filing for Chapter 7 or 11. If I file bankruptcy, can I get the equipment back? I need it for my business. What if the company sells the equipment before or after I file?
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Answers (1)
Glen Edward Ashman
This attorney is licensed in Georgia.
Posted 3 months ago.
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Assuming the debt is secured, to get it back (if you can at all) you would have to be able to pay for it at some point, which you say you cannot do, so without more information I really can't answer you. If this is a small business, a bankruptcy filing may affect you personally as well, so the best thing would be for you to get all your financial information together quickly and review your options before things get worse.
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