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Old 08-30-2013, 01:35 PM
kkkeating kkkeating is offline
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Boating Partner Claiming Bankruptcy, Need Help

Our family owns 50% of a boat, 2001 X-9, with another family. They have title, but we have a written contract with them that was executed in 2008. Unfortunately, we never got around to working out the title with DMV. I just learned they're about ready to file for bankruptcy. Is there anything I can to do to protect our assests? My understanding is that once they claim bankruptcy, everything goes to a trustee, and at that point it's outside my control. Any help or recommendations would be appricated.
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Old 08-30-2013, 01:39 PM
kgrove kgrove is offline
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Can you offer to buy the other half of the boat from them before they file?
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Old 08-30-2013, 01:41 PM
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JMann JMann is offline
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Couldn't they sell you half for minimal $$ like $100 and transfer title to you, then you both get to keep the boat but it's in your name.
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Old 08-30-2013, 01:42 PM
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Double D Double D is online now
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Originally Posted by JMann View Post
Couldn't they sell you half for minimal $$ like $100 and transfer title to you, then you both get to keep the boat but it's in your name.
Thats what I would suggest. Whatever you do, get it out of his name.
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Old 08-30-2013, 01:44 PM
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thatsmrmastercraft thatsmrmastercraft is online now
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There are some sales that cannot happen prior to bankruptcy. I suspect this may be one. I would consult a bankruptcy attorney today.
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Old 08-30-2013, 02:03 PM
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There are some sales that cannot happen prior to bankruptcy. I suspect this may be one. I would consult a bankruptcy attorney today.
Yeah, and tell your 'buddy', to let you know more in advance next time!
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Old 08-30-2013, 03:41 PM
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Kweisner Kweisner is offline
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Originally Posted by thatsmrmastercraft View Post
There are some sales that cannot happen prior to bankruptcy. I suspect this may be one. I would consult a bankruptcy attorney today.
Having been an employee of a company that went through a business bankruptcy, I learned that any sale that occurred within a six month window prior to filing, would in fact be subject to recision or clawback. This may be different in personal bankruptcy, or may vary by state, so please don't consider this as anything more than an advisory--IOW, check with a local attorney.
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Old 08-30-2013, 04:18 PM
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mikeg205 mikeg205 is online now
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Originally Posted by Kweisner View Post
Having been an employee of a company that went through a business bankruptcy, I learned that any sale that occurred within a six month window prior to filing, would in fact be subject to recision or clawback. This may be different in personal bankruptcy, or may vary by state, so please don't consider this as anything more than an advisory--IOW, check with a local attorney.
dem's mighty big words... "clawback" and "recision"
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  #9  
Old 09-03-2013, 03:01 PM
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east tx skier east tx skier is offline
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Originally Posted by thatsmrmastercraft View Post
There are some sales that cannot happen prior to bankruptcy. I suspect this may be one. I would consult a bankruptcy attorney today.
Winner winner. There is a time window before the filing that will get you into fraudulent transfer land.

If it were me, I'd get a BR lawyer to represent me as a creditor or work out the details prior to a filing. Of course, my wife is a BR lawyer, so I'd get a pretty good deal on the creditor representation.
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  #10  
Old 09-03-2013, 03:06 PM
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thatsmrmastercraft thatsmrmastercraft is online now
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Originally Posted by east tx skier View Post
Winner winner. There is a time window before the filing that will get you into fraudulent transfer land.

If it were me, I'd get a BR lawyer to represent me as a creditor or work out the details prior to a filing. Of course, my wife is a BR lawyer, so I'd get a pretty good deal on the creditor representation.




That's probably better than if she specialized in divorce. Just sayin'
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Tandem Axle Wheel & Tire Package $659
4 S5 or S5 Black 14x5.5 wheels, 4 ST205/75R14 Kenda Loadstar tires

Single Axle Wheel & Tire Package $399
2 S5 or S5 Black 14x5.5 wheels, 2 ST215/75R14 Kenda Loadstar tires
MOUNT, BALANCE & FREE SHIPPING INCLUDED IN BOTH PACKAGES



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