• FreeAdvice has a new Terms of Service and Privacy Policy, effective May 25, 2018.
    By continuing to use this site, you are consenting to our Terms of Service and use of cookies.

Personal Bankruptcy and General Partnership...

Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills   Please click a topic or scroll down for more.

giulveza

Junior Member
What is the name of your state? California

A friend and I formed a General Partnership after being laid-off about 1-1/2 years ago and things haven’t been going well.

I haven't been able to keep up with my personal credit cards and am planning to file Chapter 7 for my personal finances (not the business).

The company has no debt.

When I file, is there a possibility that my business partner's assets will be effected? If so, how can I prevent that?

In our partnership agreement, we have provisions for one partner to buy out the other. I’ve briefly discussed this with him and he's agreeable to buying me out and ending the partnership.

Do you think that this is our best option, or do you have any other advice?

Thanks in advance,

Dan
 



Find the Right Lawyer for Your Legal Issue!

Fast, Free, and Confidential
data-ad-format="auto">
Top