business bank loan

[tapner]

What is the name of your state (only U.S. law)? ohio. I sold the good will, inventory and equipment from a small business in 2008. Kept paying US Bank on a loan made with them previously. Have been discharged from chapter 7. Loan showed up in bankruptcy. But bank says still need to pay since business still running. What responsibilty does new business have for this loan? I can no longer afford it.

[JETX]

Originally Posted by tapner

I sold the good will, inventory and equipment from a small business in 2008. Kept paying US Bank on a loan made with them previously.

Was the loan exempted from the sale??

Have been discharged from chapter 7.

Was the loan included in the bankruptcy (should have been in Ch 7, was it?).

Loan showed up in bankruptcy.

What does THAT mean?? Are you saying that the loan was LISTED on the creditor list and INCLUDED in bankruptcy??

But bank says still need to pay since business still running.

Of course, that is NOT true. If the loan was included (or no asset, chapter 7), then the loan obligation would have been discharged.

What responsibilty does new business have for this loan?

Depends on what your sales agreement says.

Clearly, you need a LOCAL attorney who can one-on-one with you to figure out what you are saying... and what was included or not included in the discharge.... and what was or was not included in the sale. Get one.