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I was selling my home and entered into a contract with the

buyer. At the same...
I was selling my home and entered into a contract with the buyer. At the same I declared bankruptcy. I did not know but this effectively ended the sale of my home. I told both the realtor and buyer that I had to cancel the sale. Being that I had entered into a contract, I was warned a lawsuit might be forthcoming. To protect myself, all parties were added to my petition. I was told this protects me from a possible lawsuit. However, the buyer did front money for the inspection and appraisal. To be fair, I said I would reimburse him for all incurred expenses. Should I have a legal document written up for him to sign before reimbursing him or am I protected because he is part of my bankruptcy petition?
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Answered in 5 minutes by:
7/6/2009
Ellen
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36,714
Experience: Bankruptcy Lawyer. Experienced.
Verified
Hello,

Any money that you choose to reimburse the buyer appears voluntary on your part. A bankruptcy would appear to discharge any personal liability that you may have for the nonperformance of the contract. However, that said, it is always better to be safe. Consider purchasing a general release from a stationary store and have the purchaser sign the release in exchange for the payment.
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Customer reply replied 8 years ago
Thank you! Can the fact that I am reimbursing him at all affect the outcome of my bankruptcy? I have not been discharged yet.
Hello,

No it will not effect your bankruptcy.
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Hello,

No it would not appear to effect your bankruptcy.
Ellen
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36,714
Experience: Bankruptcy Lawyer. Experienced.
Verified
Ellen and 87 other Bankruptcy Law Specialists are ready to help you
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Ellen
Ellen
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36,714
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