What is going to happen with this asset mess-up?

[yi0rgos]

Ok guys this is my situation,

A partner back in 2005 gave me 25% shares in an LLC that holds a building as an asset. The verbal agreement, nothing was signed, was for me to pay him over time approximately 135,000.

The financial melt down, and since I was a mortgage broker, lead me with no choice, but to file for chapter 7. My business and cash flow went down to zero at no time.

I really want to give him back the shares, but my attorney told me that the bankruptcy law is either black or white, and the court will see that as fraud rather as me doing the fair and right thing.

Since I cannot deed him back the shares, my ex-partner is planning to sue me for the money that I never gave him back, again no note was signed.

What is it going to happen??? How the trusty will see this thing or what actions will he take??? Shall I deed him back the shares and wait a year to file for BK? I live in NY.

Thanks

Thanks

[lrprn]

The situation you describe is a complicated legal one that needs expert legal advice to figure out what the best thing to do in this situation may be. If you haven't already, set up 3-4 free initial consultations with bk lawyers who are very experienced dealing with personal bankruptcies with business debt involved. Let us know what you find out, and good luck!