What is the name of your state (only U.S. law)? MN
Very tricky situation here. I own a business (bar/restaurant) in MN. I filled for personal bankruptcy around 6 years ago and it was discharged successfully. Just recently, my bankruptcy was re-opened because the business/property is under my corporation, not myself. I am not sure if this was a mistake by my attorney or something I needed to catch and be aware of. My thoughts are it was her mistake because I was not familiar with bankruptcy and she is supposed to make sure all of the details were met. Let me know if I can sue her for this mistake. But for the real reason for my post; I have a contract for deed purchase agreement with someone who would like to take over the property/business. The contract for deed is for 1.1 million. I owe 450,000 on the mortgage, 120,000 in liens, 80,000 to the real estate agent in the deal goes through, 30,000 to a key employee if the deal goes through, and 50,000 of "other personal debt." Add all of that up and it comes to $730,000. At closing, the buyer will bring $200,000 to the table, which in turn will bring the 730,000 to 530,000. The trustee who re-opened the bankruptcy wants to see the purchase agreement, which is currently expired, but will eventually be brought back. Our bankruptcy attorney stated to the trustee that the property/building is worth 500,000 and since I owe 450,000 on the mortgage, I would have to pay her 50,000 when is sells, or try to get rid of her quickly by making a deal. I offered $25,000 right now and she came back with wanting to see the expired purchase agreement and wanting a new real estate "appraisal" to see what the property is worth. I really need to go through with this contract for deed because it will be great for me and my family. I am 64 yrs old and have had two heart situation, mainly due to this situation. What are my options? Can I file for chapter 11 bankruptcy with the business? If so, what are the pros and cons of this? If I go through with the contract for deed, what is the trustee entitled to if we do not settle before hand? Any information or advice would be great. Thanks.
Very tricky situation here. I own a business (bar/restaurant) in MN. I filled for personal bankruptcy around 6 years ago and it was discharged successfully. Just recently, my bankruptcy was re-opened because the business/property is under my corporation, not myself. I am not sure if this was a mistake by my attorney or something I needed to catch and be aware of. My thoughts are it was her mistake because I was not familiar with bankruptcy and she is supposed to make sure all of the details were met. Let me know if I can sue her for this mistake. But for the real reason for my post; I have a contract for deed purchase agreement with someone who would like to take over the property/business. The contract for deed is for 1.1 million. I owe 450,000 on the mortgage, 120,000 in liens, 80,000 to the real estate agent in the deal goes through, 30,000 to a key employee if the deal goes through, and 50,000 of "other personal debt." Add all of that up and it comes to $730,000. At closing, the buyer will bring $200,000 to the table, which in turn will bring the 730,000 to 530,000. The trustee who re-opened the bankruptcy wants to see the purchase agreement, which is currently expired, but will eventually be brought back. Our bankruptcy attorney stated to the trustee that the property/building is worth 500,000 and since I owe 450,000 on the mortgage, I would have to pay her 50,000 when is sells, or try to get rid of her quickly by making a deal. I offered $25,000 right now and she came back with wanting to see the expired purchase agreement and wanting a new real estate "appraisal" to see what the property is worth. I really need to go through with this contract for deed because it will be great for me and my family. I am 64 yrs old and have had two heart situation, mainly due to this situation. What are my options? Can I file for chapter 11 bankruptcy with the business? If so, what are the pros and cons of this? If I go through with the contract for deed, what is the trustee entitled to if we do not settle before hand? Any information or advice would be great. Thanks.
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