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  #21  
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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  #22  
Old 08-30-2013, 04:18 PM
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mikeg205 mikeg205 is offline
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Quote:
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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  #23  
Old 08-30-2013, 04:28 PM
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2RLAKE 2RLAKE is offline
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Just don't buy a boat with someone else ... It seldom ends well
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  #24  
Old 08-30-2013, 04:30 PM
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mikeg205 mikeg205 is offline
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Originally Posted by 2RLAKE View Post
Just don't buy a boat with someone else ... It seldom ends well
True dat...
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  #25  
Old 08-30-2013, 04:42 PM
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Originally Posted by 2RLAKE View Post
Just don't buy a boat with someone else ... It seldom ends well
I know a few people that have done it.....one worked out.

One is going through the boat partner "divorce" right now.
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  #26  
Old 08-30-2013, 05:36 PM
kkkeating kkkeating is offline
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To be honest, the partnership still has worked out (somewhat) financially. By only paying Ĺ of the covered slip fees, insurance, taxes and repairs, I saved almost $1,500/year, so after six years my savings have been $9,000 as opposed to if I had owned the entire boat by myself. I got into the partnership with $11K, so really Iím not out as much as it seems. Having a partner has made it much more justifiable to having a slip only 8 minutes from my house, which means itís much easier to just decide to go, as such Iíve been able to use the boat much more often as opposed to friends who, because they have to trailer the boat, only go out a few times a year. Itís also been a lot of fun. We probably would not have even gotten into boating if our partner didnít ask us. Well, at least this is what Iím telling myself!

Talked to my partner at lunch, and weíre going to try to sell the boat before he files. We both have solid proof regarding the partnership, proof of sales, proof of money transferred, proof of shared expenses, plus a valid contract. It appears as long as we do everything regarding documentation and asking for fair prices, everything should be fine, but I still need to speak to an attorney.

Well, hopefully will work out. Thanks for everyoneís input.

Anyone interested in buying a boat over the labor day weekend; I know someone whoís very negotiable!!!
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  #27  
Old 08-30-2013, 05:37 PM
snork snork is offline
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whats the balance of the loan? if its about half of what you own go to the bank that holds the title and work out something that benefits everyone prior to bankruptcy
Banks would rather liquidate the title loan before a trustee gets involved because lean holders (bank) get pennies on the dollar that owed
could be a win win for everyone involved
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  #28  
Old 08-30-2013, 06:49 PM
liledgy liledgy is offline
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Pull the motor, trans and interior, but the boat on blocks and buy the trailer from him. You could probably make a deal with the bank or the trustee.
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  #29  
Old 08-30-2013, 07:04 PM
FrankSchwab FrankSchwab is offline
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Originally Posted by liledgy View Post
Pull the motor, trans and interior, but the boat on blocks and buy the trailer from him. You could probably make a deal with the bank or the trustee.
Oh, man, I just spit my afternoon DC all over the keyboard. Despite the likelihood of jail, you're someone I could hang out with!
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  #30  
Old 08-30-2013, 07:20 PM
chevyluv chevyluv is offline
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Originally Posted by liledgy View Post
Pull the motor, trans and interior, but the boat on blocks and buy the trailer from him. You could probably make a deal with the bank or the trustee.
now if that's not thinking outside the box i don't know what is haha
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