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Old 04-25-2002, 04:12 PM
doublez
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Question

New Construction and Bankruptcy

California:

I have a valid contract to buy a condo unit under construction.

If builder, operating as an LLC for this project only, files for bankruptcy, what happens to the contracts?

My guess is under Chapt 7 - they are null and void and we would have to renegotiate a new deal with who ever ends up owning the unfinished building.

What about Chapt 11? My guess is that the contracts remain valid.....Am I correct?
  #2  
Old 04-25-2002, 04:23 PM
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Location: Catatonic State
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Most likely, but in the case of BK, the Trustee has the say.
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