When To File Bankruptcy » harrisburg pennsylvania http://whentofilebankruptcy.org Consider All Your Options | Free Tips, Q&A and Online Resources Thu, 29 Dec 2011 01:20:44 +0000 http://wordpress.org/?v=2.9.2 en hourly 1 I need help understanding bankruptcy law with a partnership HELP? http://whentofilebankruptcy.org/i-need-help-understanding-bankruptcy-law-with-a-partnership-help http://whentofilebankruptcy.org/i-need-help-understanding-bankruptcy-law-with-a-partnership-help#comments Mon, 12 Jul 2010 04:54:36 +0000 admin http://whentofilebankruptcy.org/i-need-help-understanding-bankruptcy-law-with-a-partnership-help In March 1988, Daniel E. Beren, John M. Elliot, and Edward, F. Mannino formed Walnut Street Four, a general partnership, to purchase and renovate an office building in Harrisburg, Pennsylvania. They borrowed more than 0,000 from Hamilton Bank to purchase the building and begin renovation. Disagreements among the partners arose when the renovation costs exceeded their estimates. When Beren was unable to obtain assistance from Elliot and Mannino regarding obtaining additional financing, the partnership quit paying its debts. Beren filed an involuntary petition to place the partnership into Chapter 7 Bankruptcy. The other partners objected to the bankruptcy filing. At the time of the filing, the partnership owed debts of more than 0,000 and had approximately 0 in the partnership bank account. Should the petition for involuntary bankruptcy be granted?

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