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  1. #1
    Join Date
    Oct 2009
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    1

    Lightbulb Recovering Money from a Bankrupt Business

    My question involves bankruptcy in the state of: New York...

    Short and sweet If a company owes me money and they file for chapter 11 what are my options for collecting? I know that suing is not an option. Do i just swallow the loss and move on? The company that went under was recommended to me by an investment counselor. The company that owes me was recommended by the counsler because his company promoted them, this was supposed to be a "great investment". Is it possible that I have a claim against the investment couselor?

    thank you,
    SilentJay

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Do I Have a Claim

    We would need more information about the claim. In general, for a dischargeable, unsecured claim, you make your claim in the bankruptcy court and see what you get.

  3. #3
    Join Date
    Mar 2009
    Location
    Key West, FL
    Posts
    2,350

    Default Re: Recovering Money from a Bankrupt Business

    If the investment advisor knew or should have known that the investment was risky, or the company had financial problems, and did not disclose that to you, then YES, you have a cause of action against the investment advisor for fraud, fraudulent concealment and other torts. You might not be able to prove anything now, but that is what discovery is for.

    However, you are not likely to find an attorney to do this on a contingency basis and are looking at spending lots of bucks. Or in the alternative, learn civil law quickly and do it yourself.

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