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    lester schott's Avatar
    lester schott Posts: 1, Reputation: 1
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    #1

    Oct 12, 2007, 06:55 PM
    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.
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
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    #2

    Oct 14, 2007, 05:40 AM
    Hello lester:

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

    excon
    s_cianci's Avatar
    s_cianci Posts: 5,472, Reputation: 760
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    #3

    Oct 14, 2007, 12:03 PM
    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 this is a dischargeable debt. It's hard to call since it involves a business-to-business type transaction.
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