Filed Business Bankruptcy

[Bobby2012]

I filed a business bankruptcy to protect the interest in real property. CH 11.

IT was granted and the Attorney had me list all CC debt the business had which was all past the SOL (2009). He said we had to because the business has to list all it's debts. Now with the C11 approval the agreement is to pay unsecured at 10% value over 30 yrs.

My question is: Can any of these companies sue me personally because they are now getting a payment with a renewed SOL?

[despritfreya]

 

Now with the C11 approval the agreement is to pay unsecured at 10% value over 30 yrs. My question is: Can any of these companies sue me personally because they are now getting a payment with a renewed SOL?

Assuming you had personal guaranties, this is a very interesting question. . .

"Did the listing of the obligations that were beyond the SOL, coupled with the agreement by the entity to pay 10% of the scheduled amount cause a waiver of the SOL for the personal guarantor?"

I do not know the answer and it may turn on state law.

Did the entity list these obligations as "disputed" on Schedule F?

If listed as disputed my gut tells me that the SOL defense was not waived.

Did any of these creditors actually file a claim? If a claim was filed did the entity file an objection to the claim? Not sure if the answers really matters but, there is case law that holds a creditor liable for the filing of a fraudulent claim if the claim was beyond the SOL - very new case law that I came across about a month ago but I don't remember the details.

Lastly, the personal guaranty is a separate contract and, as such, the argument could be that the SOL was not waived as to a contract between the guarantor and the creditor regardless of what the entity did or did not do.

Very interesting and I eagerly await other responses.

Des.

[Bobby2012]

I have not gotten a copy of responses from the attorney as of yet. Yes some of these had personal guarantees and one (5 accounts tied to one suit) is in open litigation where the Judge just granted my Motion to Compel Arbitration. I must initiate arbitration and this is a good point for me to raise in arbitration if they didn't object.