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Old 08-30-2013, 03:01 PM
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drschemel drschemel is offline
MC Fanatic
Join Date: Dec 2012
Boat: 1990 Tristar 190 Sport
Location: Northwest Arkansas
Posts: 747
There are a lot of possible scenerios that all can come out with you on the short stick. The problem is he owns 100% of the boat and you have a lean on it with with your contract. Well, get in line! I'm guessing a lot of people have leans on his belongings and the court may not consider yours above the others. Be prepared to loose it all but try to work out the best solution you can get. I would be retisant to give him any cash with a bankruptcy looming as you might loose the boat and the cash. Getting him to turn it over the bank as a repo and then buying it for the bank might be a way to clear the title from any future bankruptcy but dont expect the bank to honor your 50% ownership. They will try to sell if for what it is worth at wholesale and anything over the loan amount will go to your "buddy". You will have to fight with his estate for your half. Sorry!
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