I purchased a condo and I was supposed to receive 15K for a decorator's allowance after the close of escrow. - do you receive money in escrow
It was closed for several months and the company has no money. They had 30 days after the crash.
Since there was for the Chapter 11 and the company number was only a recording.
I sent my proof of claim in court. The company is in Florida.
Who knows how long it takes normally for the court to resolve this problem?
Any help would be very grateful.
Thursday, January 28, 2010
Do You Receive Money In Escrow I Purchased A Condo And I Was Supposed To Receive 15K For A Decorator's Allowance After The Close Of Escrow.
2 comments:
Sorry to the bearer of bad news. Chapter 11 is a bankruptcy, corporate reorganization. Secured creditors must approve the reorganization of the bread and take a long, long. If they can not agree on a plan the company must converrt May to bankruptcy by a straight Chapter 7 bankruptcy liquidation.
They have what appears as an unsecured debt, which means that, at best, receive only a portion of what they owe, and when it is converted to a Chapter 7, nothing can see.
Sorry to the bearer of bad news. Chapter 11 is a bankruptcy, corporate reorganization. Secured creditors must approve the reorganization of the bread and take a long, long. If they can not agree on a plan the company must converrt May to bankruptcy by a straight Chapter 7 bankruptcy liquidation.
They have what appears as an unsecured debt, which means that, at best, receive only a portion of what they owe, and when it is converted to a Chapter 7, nothing can see.
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