If my business property buyer is filing Chapter 11 bankruptcy, what does this mean to me?
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If my business property buyer is filing Chapter 11 bankruptcy, what does this mean to me?
Asked on June 27, 2012 under Bankruptcy Law, Texas
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
If the buyer of the property that you have for sale is filing a Chapter 11 reorganization, it means nothing of importance to you unless you will be carrying a portion of the purchase price as a seller carry back. If that is a possibility, make sure you consult with a bankruptcy attorney and make sure that your loan is in a first secured position.
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