Expert: Terry Leeders - 6/16/2007

Question
I am currently being sued by a business partner for the money lost over a failed business. He has no case but I have run out of money trying to defend myself. My lawyer wants 15K just to continue the case, which I do not have. Is bankruptcy an option? The case is in Illinois but I reside in Florida. Any suggestions?  Thank you!

Answer
Florida law would apply.  I assume it was just for money lent.  If you are filing personal bankruptcy, you should list all outstanding debts, including this one.  Now, I don't know if he is alleging fraud or something like that, so you should discuss it with your lawyer on the dischargeability of that debt.  Fraudulent transactions are subject to an objection to determine dischargability.  You should definitely talk to an experienced bankruptcy attorney in florida to help you out.
Best of luck.