July 26th, 2010
My wife and I live in a two-family home that is owned by her parents. Technically, the building is owned by her parents company, which owns other properties as well. The business is now in financial trouble and her parents are considering bankruptcy. We would like to buy the house from them and continue living here. If her parents sell us the house and then file for bankruptcy, will affect them legally? Her parents have expressed concern that the property will be repossessed even if it is in our name. If we pay for the house and have our own loan on it, I would think that their bankruptcy filing would have nothing to do with us. What will happen?
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Tags: Chapter 11 Bankruptcy, Chapter 7 Bankruptcy, New York Bankruptcy, New York Bankruptcy Lawyers