Find the best financial services for you at: SMARTFINANCESOLUTIONS.NET - What will happen after my dad files for bankruptcy? - I'll admit that I am not very educated when it comes to filing for bankruptcy; however, I know that my father is going to file for 'Chapter 7' soon. My father isn't a bad guy. He opened up a Cinnabon franchise in a mall, established an 8 year lease under his and my mom's name too. The store never flourished, and my dad kept asking the mall if they could lower the rent, but they barely did. Out of the 14 months that my dad was there, he spent 10 months trying to lower the rent because he could barely make ends meet, and eventually he was putting more money into the store than he was profiting.
My dad decided he couldn't do it anymore. He was wiped clean of all of his savings, and he left the mall and everything behind, and now everyone is suing him. The court made a judgement against him and said he had to pay, but my dad has no money anymore. If he files for bankruptcy, what does that mean for my mom, whose name was under the lease, for his children, and all his belongings? -
