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  1. #1
    Join Date
    Aug 2006
    Posts
    995

    Debt Consolidators and Bankruptcy

    I am not sure this is the correct board for this...but I have a couple questions.

    My best friend is in a lot of financial trouble. He used to have a business partnership...ended up disolving the partnership. BUT, the partner never took his name off the legal documents. The partner then proceeded to rack up anout 100K in debt.

    Long story short, the parther killed himself and my friend is now responsible for all the debt. He had a lawyer who IMO did a crappy job and my buddy now owes the lawyer a huge fee and 80K instead of 100K.

    The debt is spread out over a few credit cards and unsecured loans. So my question is this.....

    Are any of the companies that help with debt consolidation good? Do they do anything besides screw you over?

    Lastly...his debt is caused by a business. I know chapter 7 bankruptcy is MUCH stricter and his income is too high to qualify. Are the exceptions for businesses...could he potentiall qualify for chapter 7?

    Any help would be great.

    Thanks
    "Life's tough, it's even tougher if you're stupid."
    -John Wayne

  2. #2
    kellym Guest

    Re: Debt Consolidators and Bankruptcy

    I know this might not help, but I know a geat debt negotiator

  3. #3
    Join Date
    Jul 2007
    Posts
    41

    Re: Debt Consolidators and Bankruptcy

    I've seen several business partnerships form and dissolve, so I may be able to help.

    If your friend legally dissolved the partnership, then he is off the hook since he declared he was not involved with the business any longer as of the date of the dissolution. This would have required him to file the correct legal documennts with the state the business is in. If your friend can show written proof of the dissolution of the partnership, then he can not be held liable for any debts of the date the partnership was dissolved.

    If, on the other hand, he simply declared orally he would not be involved in the business any longer, then it might be a matter of the day he abandoned the partnership. Each state's law varies, but there is a period of time where if no financial or material support is provided, then the end of that time is the date the partnership can be declared dissolved.
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