California | Bankruptcy
5/26/01, 1:46 pm
Legal Question
My rights as a creditor
My husband and I sold our businesses in 1995 to his sister and brother-in-law. We turned over two very successful businesses and filed a signed promissary note and a UCC filing. There was a total of 80,000 of paid inventory and about 50,000 in furniture and fixtures. They have filed bankruptcy and listed us as a creditor. I know that they owe the IRS and their suppliers also. I don't want to have to hire a lawyer and waste more money but they still owe us over $400,000 for the businesses. We received a notice that there may be some assets and we really don't know how to proceed.
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