We bought our buisness in Aug. of 06 through a SBA loan of 300,000 from a local bank, we were going to file chapter 13 to get rid of the sellers 150,000 take back back and refinance our existing loan. In our due diligence we found that all assets were NEVER transferred to our corporation but to my wife and I personally. We had them apprasied at 29,000 and are now under the exemption law in wisconsin. The bank is going to use the arguement of reformation and ideas on whether or not this is going to be successful? Our lawyer thinks it will fail, as does our corporate lawyer but I just need some more peace of mind. This makes the bank, and former owner unsecured creditors and they will end up with nothing. We have transferred them to a new corporation to operate after we file, just looking for some peace of mind.
- You are you viewing the Bankruptcy Forum as a guest (limited viewing).
Don't have a BKForum account yet?
Please REGISTER (it's FREE & takes 30 seconds) so you can post your own questions and see all the features available to registered users. - Welcome to the Bankruptcy Forum aka BKForum. We have strict rules and guidelines to which everyone must adhere to.
Please review our rules before you make your first post.