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  1. #1
    Join Date
    Jan 2007
    Posts
    1

    Default Re: Consequences of Selling Leased Equipment, and Bankruptcy

    well besides contacting a lawyer, anyone else have anything to add to this? if you have a personal guarantee on the equipment and its signed up under a sole proprietor, if the court discharges the debt, then wouldn't he no longer be liable for any of the debt?

  2. #2
    Join Date
    Jan 2006
    Posts
    38,867

    Default Re: Consequences of Selling Leased Equipment, and Bankruptcy

    Quote Quoting letsflyak
    View Post
    well besides contacting a lawyer, anyone else have anything to add to this? if you have a personal guarantee on the equipment and its signed up under a sole proprietor, if the court discharges the debt, then wouldn't he no longer be liable for any of the debt?
    the problem is the OP sold LEASED equipment. NO OWNERSHIP INTEREST in leased equipment which means OP is guilty of conversion because they did sell the stuff. This may very well remove the possibility of discharging those debts via bankruptcy as well as the possible criminal implications to deal with.

    OP REALLY needs to get an attorney, NOW!!

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