Posted by Robert on October 04, 2008 at 15:45:04:
Good point. I want to appear to the bankrup. lawyer as
credible. I have found that if you can be somewhat conversant, information of value will tend to come out. thanks
Seller owner in bankruptcy - Posted by Robert Urban
Posted by Robert Urban on October 01, 2008 at 19:31:47:
Owner in chapter 13 bankruptcy. Owner wants to sell investment properties for more than is owed on the note in each case. Are there any provisions concerning timing, permission,etc. that would delay/prevent me from buying the properties at this time and for the asking price of the owner?
Thanks,
RTU
Dealing w CH 13 property - Posted by John Merchant
Posted by John Merchant on October 09, 2008 at 11:22:22:
CH 13 is “reorg” BK filing where the BK Court appoints a Trustee to sort out the property, its value, creditors claims, etc. and then liquidate the property so as to get highest value from all assets.
I’d recommend your going to the BK Clerk and asking for and then reading the entire file to see what’s been filed, what assets are listed there, orders entered, etc.
Or go to www.pacer.gov on your PC and find everything that’s been done in that filing…and this might be the easier and cheaper way to do it, depending on your distance from the Fed Courthouse, your time involved, etc.
www.pacer.gov is a US Gov site that quickly tells viewer about BK filings and criminal convictions; and, for few cents per page, lets viewer print out any pp desired so entire file can be prited out in minutes very inexpesively.
In any BK filing, until discharge (conclusion of the case) the assets of the bankrupt are really the assets of the BK Court and the bankrupt no longer controls those assets…so he cannot sell them to anybody w/o official written permission of the BK Court.
bankruptcy - Posted by Nike
Posted by Nike on October 04, 2008 at 13:18:13:
Has the plan been confirmed or is early in the processs? Get a copy of the petition and all schedules- confirm fmv assigned to each property and confirm all creditors (secured and unsecured. Are there other liens- IRS,judgments? Is the owner/debtor self-employed. You have more flexibility if the plan has been confirmed. Post more information and we can sort this out.
Re: Seller owner in bankruptcy - Posted by Natalie-VA
Posted by Natalie-VA on October 03, 2008 at 14:05:00:
Ratify an agreement with the owner and have his attorney submit it to the court for approval. That’s how I’ve done it.
–Natalie
If they are in BK - Posted by Rich-CA
Posted by Rich-CA on October 02, 2008 at 22:18:59:
can you make your offer to the trustee? Owner’s opinions are not as important as those of the BK court.