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Ask WALLSTREETESQ Your Own Question
Category: Bankruptcy Law
Satisfied Customers: 17252
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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My wife and I bought a business from her brother 10 years ago.

Resolved Question:

My wife and I bought a business from her brother 10 years ago. He carried a portion of the down payment. In the contract between him and us it states that the note in not transferrable. He has filed bankruptcy and the trustee of the court took the note that he had with us. We had paid every monthly payment to him and never late. My question is now what happens. I'm sure we will be contacted by the trustee to negotiate some sort of settlement. My feelings right now are just to pay what we have been paying every month. Can they force us to settle early? We are not in a position to pay it off right now. Please advise. Thanks, Kirk
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 7 years ago.
they cannot force you to pay it off early, as the note is an asset of her brothers, the note may be taken over by the trustee and the payments will be made to him instead of her brother. It may be possible to negotiate a lump sum payment to the trustee as he may want to get as much of the money as possible now than wait till later
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Customer: replied 7 years ago.
The note states that it is non transferrable. What about that?