Legal Question in Bankruptcy in Nevada
Chapter 13 and Business Assets
If debtors file for a chapter 13, may they still dipose off/sell off their business assets while the 13 is pending??
They want to save their house from foreclosure. It has equity of $70,000
They both have social security income, pension and the husband works part-time as an employee somewhere else. Their business is running in the red by -$4,500 per month.
Asked on 12/10/07, 5:09 pm
1 Answer from Attorneys
Jeffrey Cogan
Jeffrey A. Cogan, Esq., Ltd.
Re: Chapter 13 and Business Assets
Yes you can sell it but you would need court approval. The money would probably go to the Trustee to pay the creditors.
Answered on 12/10/07, 5:40 pm
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