Company I'm purchasing from filed ch.7

[troy0827]

What is the name of your state (only U.S. law)? Tennessee

I placed a $6 thousand deposit down on a steel building that has not been delivered yet.
The company I'm buying it from has filed for chapter 7 bankruptcy a couple of days ago.

I still owe $20 thousand when/if the building is delivered.

Am I still obligated to take delivery of the building if it shows up? If I refuse delivery of the building, am I still responsible for the $20k balance?

Please help!

 

[JETX]

Am I still obligated to take delivery of the building if it shows up?

The merchants bankruptcy filing does not waive YOUR contractual obligation to purchase.

If I refuse delivery of the building, am I still responsible for the $20k balance?

That would depend on the specifics of your contract, but likely that you would be liable for something (cancellation, shipping costs, etc.).

 

[lawyer15]

It depends on your contract base..What you have described in your contract.It will help you most to hire a lawyer for this purpose.