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Additional Details
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m n' m | Should my dad sue the guy? |
So well my dad bought a restaurant in partnership with this guy, my dad was the 30 % share holder and the other was 70% in 1996, around 2004 the restaurant started making less money, bills were not being paid and my dad agreed to take a 100,000 lone on behlaf of the restaurant and took responsibility, however there was mutual agreement that the man was responsible and the guy ditched the restaurant now that he decided no more money could be earned, (just no longer showed up) and more recently the land lady shut the restaurant down and the bank from whom my dad took the lone from is asking for their money back...however my dad would willingly pay but it is mainly the other man who owned the restaurant and frankly got a much larger chunk of pay and so what should he do? Bankruptsy? or should he sue the guy..i mean he owned teh restaurant for 8 years and my dad about 3? and there are documents where the partner has taken full responsibility...any professional help? |
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OC1999
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The biggest question is you said that there was a mutual agreement that the man would be responsible for the loan your father took out. Now if this was in writting, he should sue him. If it was just a verbal agrement then it comes out to his word against the other partner and will be harder to win.
The second thing to consider is if he does win a suit, what assets does the other guy have. If he has absolutly no money or assets it may be a victory in name only. |
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uc489
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yes sue is the best way get sa good lawry |
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hot_tamale962
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you should consult an attorney |
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sur4ed
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He could attempt suit, but if the loan is entirely in his name, then he hasn't a leg to stand on. If the resturant goes bankrupt however, it will affect the 70% owner much more than the 30% owner. |
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Sammy
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i agree good luck |
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W♥ Knit Twit ♥P
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Consult an attorney. I think your dad has some legal rights. You don't want to rush into bankruptcy. |
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NONAME
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If it was a partnership they are both equally liable for the business and all its debts. As for the loan your dad was the only one who signed on it ~ probably because his partners had weak credit and is solely responsible for the debt to the bank. PS if he doesnt pay the bank he cant sue his partner |
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Etta P
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Your dad should consult an attorney. I do think he could file a bankruptcy and include only this debt, do a consumer statement on his credit report and hopefully avoid some of the impact that bankruptcy has on ones personl credit. The bank could and will file a law suit against the signor (your dad)on the note, perhaps lien property, wages and assets. He needs professional legal help and quickly. Good luck, hope everything turns out for your dad. |
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turntablesihs008
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i didnt read the whole store but sueing solves everything |
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