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  #11  
Old 08-30-2013, 02:23 PM
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CruisinGA CruisinGA is offline
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It's Attorney time.
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  #12  
Old 08-30-2013, 02:25 PM
SSMoose SSMoose is online now
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Originally Posted by CruisinGA View Post
It's Attorney time.
It's past attorney time. Also an attorney not connected to the partner.
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  #13  
Old 08-30-2013, 02:26 PM
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mikeg205 mikeg205 is offline
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Darn - fractional ownership usually ends this way... - sorry to read about this. Boat will have to be sold for fair market value to settle creditors.

Maybe you will be able to work with trustee on sale. I know someone who tried to sell a boat immediatelyk prior to the bankruptcy process - sales was reversed...

Good luck...
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  #14  
Old 08-30-2013, 02:36 PM
kgrove kgrove is offline
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If you can prove you are half owner (which sounds like it may not be crystal clear since your name is not on the title), your friends creditors should have no rights to claim your half of the boat, just your friends half. Unless your buddy borrowed money and pledged the boat as collateral without telling you... possible since his name is on the title. This sounds like even if things end up working out for you, you will get tied up in bankruptcy proceedings. The creditors don't want a boat, they want cash, so an offer to buy the other half of the boat may be well received by both the court and creditors.

Definitely time for a lawyer. Start collecting all the documentation you can that would prove or at least support that you are indeed half owner.
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  #15  
Old 08-30-2013, 02:51 PM
jgraham37128 jgraham37128 is offline
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Buy it from the bank before he files

Why does everything that should end up being an easy deal turn into this? Get ready to loose some money thanks to your buddy!

I'm no lawyer but the only thing that even seems close to making sense it buying the other half fora discounted price but large enough that the loan is covered.

Another thing you may do is go talk to the bank that he owes for the boat. Show them you own half the boat, and he owns the other half. As an example if he owes $10,000 and is about to file for bankruptcy and you are willing to buy his half out for $7,000. They might just take it so they don't have to go thru the bankruptcy deal! You may come out better?
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  #16  
Old 08-30-2013, 03:01 PM
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drschemel drschemel is offline
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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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  #17  
Old 08-30-2013, 03:03 PM
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johnlanguab johnlanguab is offline
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I'm not an attorney in California, but you don't want to do anything fraudulent like buying the boat for an unrealistic amount. That would definitely trigger more scrutiny from a bankruptcy trustee. If he hasn't filed, I'd try to reason with the bank, if you can find intelligent life. If not, I'd try to reason with the bankruptcy trustee, if it gets that far.

As Dave Ramsey says, the only ship that won't sail is a partnership.
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  #18  
Old 08-30-2013, 03:11 PM
kgrove kgrove is offline
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Any idea how big the loan balance is relative to the value of the boat? If the loan is most or all of the boat value, I'm afraid you may be in trouble. If there is some equity in the boat, you may be able to work something out.
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  #19  
Old 08-30-2013, 03:22 PM
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JMLVMI JMLVMI is offline
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Quote:
Originally Posted by johnlanguab View Post
As Dave Ramsey says, the only ship that won't sail is a partnership.
True that. Sorry to hear about this situation. Is this a "strategic" bankruptcy? Do they really need to file?
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  #20  
Old 08-30-2013, 03:25 PM
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drschemel drschemel is offline
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for anyone else thinking about buying a boat with some one else, think limited liability corporation so neither partner owns anything personally. It will save a lot of headaches!
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