The builder told me he will file a bankrupt. What can i do? Can I get back my money? What should I do with the contract? Please help. Thanks, Mike. As an attorney, I am advising you to go see a good lawyer in your jurisdiction immediately. Tomorrow is not soon enough.
You need someone with knowledge of bankruptcy laws as well as contract law and construction law. Take your contract and all documents you have with you. There are just way too many variables in such a situation for anyone to offer you suggestions without knowing all the facts. This is not a situation where even I would try to act without guidance from a lawyer much more knowledgable about all those areas than I am myself.
As a non-lawyer, you will be totally in over your head. Get a good lawyer tomorrow. You need to act immediately. Do you have the subcontractor names and information? You need to colect that info. Are you aware of the GC paying the subs?
Is he providing you with lien waivers? If your GC is not paying the subs and the materials, they are able to put a lien on your home. Anyway, it is good for you to have the info, maybe the subs could continue working for you, at least the ones that already started the job.
Need help understanding something my builder asked me about. Need help with my boring builders kitchen. Builder saying he doesn't want to put my trim tile in here. With all due respect to Martha Elana, follow Bevangel's advice immediately. Do not wait to collect information about subs if you can get in to see the right attorney right now.
That is most important. The situation is even worse. One inside person of the company took the money a lot and disappear. This is a small company general builder. They didn't pay for some materials like brick. I don't think they have money to continue.
All I want to do is get out from the contract and get back my money. I am so stupid, I did not put the deposit in escrow account. Almost cry. Thanks for all the replies. Frog, Of course Mike has to get an attorney as soon as possible. No doubt bevangel knows better what to do in a situation like this. I should have said: in addition to the attorney If he is not aware of who was working on the house he can have more surprises, some people take advantage of situations like this.
Most likely the attorney is going to ask this info anyway. It sounds like you don't own this property if you have only paid a deposit and your contract should be voided if the builder is unable to complete the project.
In a Chapter 7 bankruptcy, all of the assets owned by the contractor or his company will be liquidated and creditors paid some amount from the proceeds. If you require the services of an experienced bankruptcy attorney, contact the Law Offices of Allen A. Kolber, Esq. Skip to content. What happens if the company building my home goes bankrupt?
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Grow Your Legal Practice. Meet the Editors. How do you get money for home defects out of a home contractor or builder who has none? Consider Whether Litigation Against a Home Contractor Is Worthwhile Before hiring a lawyer and beginning the long process of conducting discovery and taking depositions, you'll want to consider whether the litigation will be cost-effective. Going After Individual Assets of the Builder If the business really is going into bankruptcy, your goal should probably be to get a settlement as quickly as possible.
Bankruptcy Proceedings Can Stop Enforcement One of the primary reasons that businesses file for bankruptcy is to avoid creditors. Consult a Lawyer If You Wish to Move Forward If you are still interested in suing your bankrupt contractor, you probably have a significant claim against it. Talk to a Lawyer Need a lawyer?
Start here. Practice Area Please select Zip Code. How it Works Briefly tell us about your case Provide your contact information Choose attorneys to contact you. Real Estate. Contractors and subcontractors can accomplish the same goal by asserting a lien against the property to recoup their own losses. Neumann Homes' collapse shows how homeowners suffer when builders go bankrupt. In this situation, secured creditors with the right to foreclose on property get paid before homeowners -- who are classified as unsecured creditors.
However, unless Neumann's properties sold spectacularly well, the homeowners likely would get nothing and find themselves stuck with an abandoned or incomplete home. When homebuilders go bankrupt, the homes stay empty until another contractor completes them. This leaves buyers unable to move in, waiting for months -- or even years -- to get their deposits back.
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