QUESTION
What happens to business lien after Chapter 7 Bankruptcy ? What are my options to remove the lien with discharged bankruptcy ?
Asked on Oct 07th, 2019 on Bankruptcy - Connecticut
More details to this question:
Hi, my Name is Yusuf S. I filed Chapter 7 Bankruptcy in 2016. I got discharged. However, I had a business loan that creditor still has a lien om my business. My question is that if I want to sell my restaurant what happens to the lien ? Can I still sell it. When I read a few article about my situation , they all mentions that I have no obligation to pay any of my creditor however, they can still keep the lien in the LLC. I do not have Judgment but only lien so what should I do ? What are my options ? Thank u. Regards, Yusuf S.
1 ANSWER
The lien gets paid out of the sale. While you have no liability personally the business still does. You should settle the lien prior to selling the business. Feel free to contact us if you need further assistance 203.870.6700
Answered on Oct 14th, 2019 at 11:15 AM
Information provided doesn't create an attorney/client privilege nor constitute an offer of services and is only general responses to hypotheticals