How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Roger Your Own Question
Roger
Roger, Attorney
Category: Bankruptcy Law
Satisfied Customers: 31660
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
6704987
Type Your Bankruptcy Law Question Here...
Roger is online now
A new question is answered every 9 seconds

I HAVE A CONTRACT ON PROPERTY, THE GENTLEMAN BUYING THE PROPERTY

Resolved Question:

I HAVE A CONTRACT ON PROPERTY, THE GENTLEMAN BUYING THE PROPERTY HAS FILED CHAPTER 7, DO WE NEED TO FILE ANY PAPERWORK WITH THE COURT ON THIS HE HAS EXPRESSED THAT THE PROPERTY WILL BE TURNED BACK OVER TO US
Submitted: 8 years ago.
Category: Bankruptcy Law
Expert:  Roger replied 8 years ago.

You've got an executory contract, which is basically a contract that has not been fully performed. At this point, the buyer cannot fulfill the contract because he is bankrupt. Thus, you will need to file a motion to have the executory contract cancelled. This will allow you to retake your property and get out of the bankruptcy. This should be a mere formality if the bankrupt is agreeable to doing this.

 

You need to speak to an attorney about filing this for you.

Roger and other Bankruptcy Law Specialists are ready to help you