leasing business from my father, what happens if i file chap7?

[seattle]

I'm leasing the business from my father; he owns the assets, building, and land.

what will happen if I a chapter 7? I haven't made a profit in 2 years.

would this be a no asset case?

[Mensa1]

Based on the little bit of info provided, and if ou have no other assets, then yes... no-asset Ch 7 case.

What would happen is you would need to name Dad in Bk petition, Schedule G (I think) where you list exectory contracts, which are leases and contracts. As long as you have NO option to purchase Dad's interest, and that is something TT may have a keen interest to determine since you are dealing with family here. Expect TT to examine your contract and lease carefully here.

Also, expect that Dad may be called upon for some written testimony to the facts of the lease; just make certain onfo provided is 100% accurate by all parties.

[seattle]

Based on the little bit of info provided, and if ou have no other assets, then yes... no-asset Ch 7 case.

What would happen is you would need to name Dad in Bk petition, Schedule G (I think) where you list exectory contracts, which are leases and contracts. As long as you have NO option to purchase Dad's interest, and that is something TT may have a keen interest to determine since you are dealing with family here. Expect TT to examine your contract and lease carefully here.

Also, expect that Dad may be called upon for some written testimony to the facts of the lease; just make certain onfo provided is 100% accurate by all parties.

I've already sold the leased business to someone else, as I can no longer afford to continuley lose money on it. My father is also overseas and I'm renting his home

[Mensa1]

I've already sold the leased business to someone else, as I can no longer afford to continuley lose money on it. My father is also overseas and I'm renting his home

How long ago did you sell the biz for; how much (not exact $$$ amt but was it 1K, 100K, kind of a range of sale price; are you released from obligation from all parts of the equip or property lease, formal written release here...?

You will need to include the info about the rental home on schedule G as well, unless you simply state that you are living with your father, which would fly also. But if it is a written or actual lease arrangement it should be listed under Exec Contracts, Schdl G. I was just reading some info on what TT's look at on petitions and one of the red flags are filers who do not list real property nor a lease with a landlord, should identify where and how they live. I guess it makes sense that we all have to live somewhere.

[seattle]

How long ago did you sell the biz for; how much (not exact $$$ amt but was it 1K, 100K, kind of a range of sale price; are you released from obligation from all parts of the equip or property lease, formal written release here...?

You will need to include the info about the rental home on schedule G as well, unless you simply state that you are living with your father, which would fly also. But if it is a written or actual lease arrangement it should be listed under Exec Contracts, Schdl G. I was just reading some info on what TT's look at on petitions and one of the red flags are filers who do not list real property nor a lease with a landlord, should identify where and how they live. I guess it makes sense that we all have to live somewhere.

I just couldn't keep up with rent payments so I wasn't able to continue operating the restaurant. The lease was up this past january and I didn't renew. My parents found another renter a couple months ago. I have since been released of all obligation.