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    #1

    Asset Purchase Agreement

    I started a business a few months ago "sole proprietorship" that just failed miserably. I bought the equipment needed for my business from a previous owner of a similar business that failed via an "asset purchase agreement". Unfortunately, I have to file for Chapter 7 as I cannot afford the mortgage and other credit obligations. If the person whom with I had this asset purchase agreement decides to show up to the hearing and objects, am I required to return all the assets (equipment) back to him?

    Thanks!
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    #2
    Just a question? Why wouldn't you give it back if you are no longer doing the business? At least then, maybe it is one less hassle. I know the feeling as I also had a failed business. Sometimes it is easier to just cut the losses and move on. I was able to start another business that has been a success so far but in my opinion, the stress of keeping it might be more than the relief you would get to return it and move on. Sounds like you are like many of us on the starting end of a long adventure filled with stress. Wish you the best of luck.
    Filed pro se Chapter 7 08/12/2010 - Scheduled 341 Hearing 09/08/2010 - Trustee Report of No Distribution 09/09/2010 -
    Reaffirmation of Auto 09/27/2010 Approved 09/28/2010- Discharge 11/09/2010:

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      #3
      Originally posted by joecon916 View Post
      I started a business a few months ago "sole proprietorship" that just failed miserably. I bought the equipment needed for my business from a previous owner of a similar business that failed via an "asset purchase agreement". Unfortunately, I have to file for Chapter 7 as I cannot afford the mortgage and other credit obligations. If the person whom with I had this asset purchase agreement decides to show up to the hearing and objects, am I required to return all the assets (equipment) back to him?

      Thanks!
      You're required to return it to him even if he doesn't show up. The equipment at the very least would be secured.

      Comment

        #4
        It really is a no brainer. Either the OP can reaffirm to pay, or the stuff goes back. If it failed in the former same business, and now in this business, what constitutes insanity? It is insane to worry about that "stuff", give it back and be done with it. Start a different business. (I'm known to be succinct in my opinion. LOL). 'Hub
        If I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010.

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