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Old 08-30-2013, 02:35 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, 02:39 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, 02:41 PM
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JMann JMann is offline
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Couldn't they sell you half for minimal $$ like $100 and transfer title to you, then you both get to keep the boat but it's in your name.
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Old 08-30-2013, 02:42 PM
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Double D Double D is offline
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Quote:
Originally Posted by JMann View Post
Couldn't they sell you half for minimal $$ 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, 02:44 PM
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thatsmrmastercraft thatsmrmastercraft is offline
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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, 02:54 PM
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gsxrjtt gsxrjtt is offline
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I agree with Jman some friends of the family did that with their boat and it worked out just fine
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Old 08-30-2013, 02:57 PM
kkkeating kkkeating is offline
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I've looked into the option of buying the boat for a minimal price, but the problem is the Trustee can go back after the fact and claim it's a fraudulant sale, then reposse the boat. It makes sense, otherwise everyone would just sell all their assets for pennies to friends/relatives just before they claim bankruptcy.
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  #8  
Old 08-30-2013, 03:03 PM
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Double D Double D 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.
Yeah, and tell your 'buddy', to let you know more in advance next time!
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Old 08-30-2013, 03:08 PM
gweaver gweaver is offline
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If your buddy is filing, he's probably working with an attorney. Might be a good time to schedule a meeting with the two of them, so the lawyer knows what's going on. Selling it for a ridiculously low price is a red flag, but if it was sold for a reasonable price (80% of current value of his half or something) it might be OK. That's a lawyer question, but I would think that since you're part owner, you're entitled to some sort of compensation because of the legal/binding agreement of shared ownership.
Just thinking out loud, but I wonder what would happen if you filed for a lien against the value of the boat, seeing as how you're legally a half-owner of it.
It might also be worth trying to get the DMV paperwork rolling, to help prove you legally have part ownership in the boat.
In any case, I'd strongly suggest talking to a lawyer. That's going to be the best chance of protecting your share in this boat. It'll probably cost $$ but that's nothing compared to the cost of losing the boat.
G
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Old 08-30-2013, 03:22 PM
kkkeating kkkeating is offline
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My boating partner(the "buddy" term has been dropped!) has been working with an attorney and has been very forcoming about everything. Gweaver, I like the suggestion about meeting with the two of them. The DMV paperwork probably wouldn't work out, as he has a loan on the boat and wouldn't be able to pay the debt amount, as such the loan company would not want to release title. I agree the best thing to do is consult with attorney now and lose a little money as opposed to losing a lot of money later on.
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