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Partner’s shady dealings cause man to file Chapter 7 bankruptcy Atlanta, GA

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Partner’s shady dealings cause man to file Chapter 7 bankruptcy

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Starting one’s own business is always a gamble. Sometimes you hit it big and become wildly successful, and other times you end up having to file for Chapter 7 bankruptcy. Even if you’ve done everything right, you could still find yourself in financial trouble. It may not even be your fault.

While not a story out of Georgia, a concerning situation that could happen to anyone recently came to light about a Minnesota businessman who had to file for bankruptcy. The man started a real estate company with a business partner who would later be convicted of fraud. The victim was unaware of his partner’s shady business dealings, which he says were unrelated to their real estate venture. Despite his lack of involvement in fraudulent business dealings that took place in an entirely different industry, the real estate agent had to file for Chapter 7 bankruptcy. He said the downturn in the housing market a few years ago was also major factor.

It’s very common for people to engage in business ventures with partners. Oftentimes people need investors to give them that kick start required to create a successful business. Unfortunately, business partners can create variables beyond your control. This victim’s story is not only a cautionary tale about knowing who you’re doing business with, but also utilizing the options available to you.

Facing creditor claims and liabilities in excess of $8 million, the victim could have been struggling with debt for the rest of his life. Instead, he chose to file for Chapter 7 bankruptcy, which can permanently wipe out some debts and give him a fresh financial start. While it may not solve all of his problems, Chapter 7 bankruptcy could be the first step on his road to debt relief. It’s an important option for anyone to keep in mind.

Source: Twin Cities Business, “Former Denny Hecker biz. Partner files for bankruptcy,” Jake Anderson, Jan. 20, 2014

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Jack L.

They did an excellent job with my case. Jamie took the time to really listen and understand things. She delved into the details and was extremely knowledgeable and non judgmental. Very professional and they know what they are doing. Would definitely recommend!

All C.

Mr. Gingold was recommended by an attorney I had worked with previously. I met with Ira Gingold to discuss credit issues. He went over each specific issue thoroughly. He advised me of the potential outcomes. He did all this in one meeting for a very reasonable price. When we finished I was confident in moving forward with a resolution. He definitely wants to help people take the appropriate course of action for their circumstance.

Karen B.

Dear Mr Gingold, There are so many reasons to be thankful for all you have done and will do. Anyone who has ever had unfavorable experiences with an attorney or the legal system will feel the trepidation that I experienced once I realized that my situation seemed hopeless. It was by chance and happily good luck that I decided to put my future and sanity into your hands. I was mortified at having to deal with my debts by claiming bankruptcy. I remember in our first meeting how you assured me that I was not alone and should not feel ashamed. And, anyone in this position obviously does not have money to spare and you were clear about all the costs and allowing me to pay according to my own ability to do so. You advised me in all aspects of the law, but also, you were at each meeting incredibly supportive and complementary of my personal and professional plans. Anyone else in this situation should feel blessed to have access to your expertise and support.

Lyla B.

I thought the process of filing bankruptcy was going to be a difficult one. However, Gingold & Gingold treated me with respect and dignity from the moment I walked through their door. I had the pleasure of working with Jamie. She is very responsive, professional, and knowledgeable. She took the time and listened to my every concern and handled each and every one of them to my satisfaction. My experience with filing bankruptcy under Gingold & Gingold's representation exceeded my expectations in a major way. They gave me such a peace of mind. I am very pleased with my decision of going with Gingold & Gingold to represent me when I filed Chapter 13 bankruptcy.

Julie T.

Wow! I am finally out of debt and can say that I am debt free after completing my chapter 7 bankruptcy case with Gingold and Gingold. Mr dangled was very knowledgeable and direct with regard to my debt situation. there were no surprises and the case went as I was advised. The staff was also very helpful whenever I had a question. I will definitely recommend them in the future to my friends.

Sherard W.

I cannot say enough about this law firm. From the initial consultation to our discharge, the entire office kept me updated with every step of the entire process. I came to the Gingold after a bad experience with another law firm. Ira and Jamie immediately began treating me like family through this experience. In the end, they assisted with eliminating many debts including my 2nd mortgage. I cannot say enough about the experience and knowledge that Ira brought to the table from the office visits to the court time. Thank you very much for helping me through this tough time. Thank you.

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