QUESTION
My store is chap 7, our assats will be autioned,. One of secured creditors was the cause of bankcrutcy. I have a complaint listed what happens
Asked on Aug 26th, 2011 on Bankruptcy - Massachusetts
More details to this question:
This co. ran a sale for my store and because of their inadequatcy and poor moral conduct . Also they controled the money. Beause they are a secured creditor and we have a summary of complaints including breach contract. forgery of coorperate checks, permantly losing creditbility to our long standing customers and ran sale very unprofessionally .They have all the money raised during sale. If the trustee abandons this complaint,may I take them to civil court? And if I win a money award does this money go to the creditors that did not recieve anything or may I keep the money?
1 ANSWER
Bankruptcy Attorney serving Burbank, CA
Partner at
Law Office of Mark J. Markus
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This depends in part on whether your Chapter 7 case is for you individually or for a corporation. If it is for you individually, then yes if the Trustee abandons the lawsuit asset to you, then you are free to pursue it and do whatever you want with the proceeds should you prevail. However, it is important that you fully disclosed the lawsuit in your bankruptcy papers and didn't "undervalue" it.
Mark J. Markus, Attorney at Law
Handling exclusively bankruptcy law cases in California since 1991.
http://www.bklaw.com/
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Answered on Aug 27th, 2011 at 9:17 PM