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Home > Law > Other Law   »   being sued in jersey

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Old Oct 12, 2007, 06:55 PM
lester schott
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being sued in jersey
Am a sole proprietor in new jersey. I am being sued by a supplier that i owe money to. If I am unable to pay can they take my home away. Or is bankruptcy the best alternative.

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Old Oct 14, 2007, 05:40 AM   #2  
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Hello lester:

If you owe more than your home is worth, then you might consider bk. But first, I would visit a bankruptcy lawyer.

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Old Oct 14, 2007, 12:03 PM   #3  
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How much do you owe? Is your debt equal to or greater than the value of your home? They could place a lien on your home or any other real assets that you own. Before you consider bankruptcy speak with an attorney and find out whether or not this is a dischargeable debt. It's hard to call since it involves a business-to-business type transaction.
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