Hi,
I sold a business and a security agreement was made where the buyer would pay me for 4 months installments for a portion of the money. He made 1payment and refused the rest. I took him to court and the judge ordered I retain assets in the business for the ordered amount. We followed all rules with the sheriff etc and obtained the assets as per the secured note. Two days after retaining the assets ,before I can sell them to recover my money, the defendent files bankruptcy chapter 7. What now happens to me since I already have the assets in my possesion. Can I sell them or does he take the assets back? What should I do...please advise...Thanks
I sold a business and a security agreement was made where the buyer would pay me for 4 months installments for a portion of the money. He made 1payment and refused the rest. I took him to court and the judge ordered I retain assets in the business for the ordered amount. We followed all rules with the sheriff etc and obtained the assets as per the secured note. Two days after retaining the assets ,before I can sell them to recover my money, the defendent files bankruptcy chapter 7. What now happens to me since I already have the assets in my possesion. Can I sell them or does he take the assets back? What should I do...please advise...Thanks