This is essentially a BK13 qualification question. The problem is that much of the assets of value are entirely under a loan security agreement and entirely not paid for. The loan is in default. If the secured property is reposessed, there frankly is little chance to maintain a revenue level sufficient for a workout plan. Note: The two stores are separate entities but some resources are shared and at this time one is supporting the other
So, the questions are:
Can a LLC pass muster for BK if there are limited un-secured assets?
Can filing BK13 prevent or delay the repossesion of the (secured)equipment necessary for doing business?
How long does it take to file and then be accepted or rejected?
Thanks in advance!
So, the questions are:
Can a LLC pass muster for BK if there are limited un-secured assets?
Can filing BK13 prevent or delay the repossesion of the (secured)equipment necessary for doing business?
How long does it take to file and then be accepted or rejected?
Thanks in advance!
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