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TJ, Esq.
TJ, Esq., Attorney
Category: Intellectual Property Law
Satisfied Customers: 11647
Experience:  JD, MBA
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I am looking to buy software from a company that filed for

Customer Question

JA: Hi. How can we help?
Customer: i am looking to buy software from a company that filed for chapter 7 bankruptcy
JA: What state are you in? And has anything been officially filed?
Customer: I am in Texas. Yes, I found out about the opportunity through public recors
JA: Have you talked to a lawyer yet?
Customer: records
JA: Anything else you think the lawyer should know?
Customer: not that i can think of right now. thanks!
Submitted: 2 months ago.
Category: Intellectual Property Law
Expert:  TJ, Esq. replied 2 months ago.

Hello and thank you for the opportunity to assist you. My name is ***** ***** I'll be glad to help if I can. Do you have any specific questions? I just want to make sure that I understand what legal information you are seeking. Thank you.

Customer: replied 2 months ago.
Let me give you the back story. Found a man who filed for chapter 7 bankruptcy. Claims on that business are unsecured at 180,000. He has no other assets. I want to buy his customer list and his software. Is that an allowable sale? And what are the things I would need to look out for? Thanks
Expert:  TJ, Esq. replied 2 months ago.

Hello again.

Yes, you can buy his customer list and software from the bankruptcy trustee. The trustee's job is to sell assets so that the proceeds can be used to repay the debtor's creditors. So, you would approach the trustee to inquire about purchasing those items. The trustee will likely first need to hire somebody to assess the value so that the bankruptcy estate is fairly compensated. But you can certainly make an offer at any time.

As for things to look out for, this would be no different than any other business transaction from your perspective, except that you would need to understand that the items you purchase would be "as is" since the trustee certainly would not provide any representations, guarantees, promises, warranties, etc. What you see is what you get. Further, you would not be able to go after the debtor for any future problems. Otherwise, it should be treated just as any other business deal.

Does that answer your question? Please let me know if you need clarification, as I am happy to continue helping you until you are satisfied.

Expert:  TJ, Esq. replied 2 months ago.

Hello again. I didn't hear back from you, so I'm just checking in to make sure that you don't need more help on this issue. If not, then please remember to provide a positive rating via the stars (and note that your positive rating is the only way that I'll get credit for helping you, so I greatly appreciate it). Thank you!

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