For the past 5 years, Ken has been operating Convenient Car Care as a sole proprietor. He bought the business from Gary after working for him for 10 years. The purchase contract required Ken to pay Gary $1,000 per month plus 5% of the shop’s gross receipts for 7 years. Ken also agreed to provide accurate monthly sales records to justify the 5% he was paying Gary. The business’ gross receipts took a big hit when another repair shop opened around the corner. Ken fell behind on his payments to Gary, who became angry fearing that he could lose the …
Give the bankruptcy trustee the headache of dealing with your final business assets
Protect your business assets immediately with the “automatic stay” and permanently with property exemptions.
Ongoing litigation, or the threat of it, against you and/or your business usually dies with your bankruptcy filing.