OK...Not going to get into all of it, but we opened a business almost 2 yrs ago. And are now facing Ch. 7 bankruptcy for both our business (is incorporated and personally). Our business is in another town so we had our house (own 2 deeds) on the market for quite some time and in May finally sold one piece of it. We got permission from bank and sold it. Now, this is where it might get confussing. We just realized today that the business loan bank has 1st mortage on land that my parents have a double wide on. We thought they had second and would be safe. that means the bank also had 1st lein on the house we sold and they gave us permission to sell in May. My parents paid us for the land a while back but we never had it put in their name. BAD DECIsion I know!! Anyway, now that we are facing this, could we "re-sell" it to them. If so would we have to wait before filing Ch. 7. I hope that made sense. I guess the real ? is, how long after selling land do you have to wait to file Ch. 7?? We DO NOT want to keep the $$ we make from the selling of land...we just don't want my parents to lose it. In May, the bank agreed to let us put the amount of $ the house was sold for on the loan...which is what we want to do now to! Any input would help!
Thanks, April (Mississippi)
Thanks, April (Mississippi)