Talk About A Bummer

[luvrbus]

I made a deal on bus bought 2 SWA tickets for me and Van had the wire transfer setup I spent over 400 bucks for tech work and really looking forward to meeting Ace and maybe a free lunch lol 

I get a call from JDC lo and behold the PO filed bankruptcy and now the bus is tied up in Federal Bankruptcy Court for no telling how long  question is can this happen or is Deere playing games.

Anyone know about bankruptcy laws in Iowa and Fl guess it being Federal would be the same everywhere huh being no spring chicken how long could this last in the courts

pissed off in AZ 

[Sean]

Cut your losses and walk away.

We have been in exactly this situation ourselves, and all we could do was carefully document everything we lost, present it to the court as a demand (knowing it would be declined in toto) and write the loss off on our taxes.

Unless you are already in possession of the title, you are now an unsecured creditor.  That puts you at the back of the line behind, in order:
1. The IRS for any unpaid taxes
2. The state for any unpaid taxes
3. Lien holders
4. Other secured creditors

To top it off, if this guy has even a single unpaid bill for any work done on that coach, the coach can be taken under mechanics' lien and you'll have that to fight that battle, too.

I recommend you get receipts for the cancellation or change fees on the SWA tickets, and write up an invoice for that and the money you've already spent.  Send a letter (or better yet, have an attorney do so) by certified mail to the seller stating that he is in violation of your agreement since he can not deliver the coach within the agreed-upon time (valid even if this agreement was oral rather than written), and demanding that he reimburse you for these unrecoverable expenses.  Send a copy to the bankruptcy court of record.

Be prepared to wait a looong time.  It could take years for the court to adjudicate and the entity to emerge from bankruptcy.  Unless the court, special master, or trustee deems that completing the sale of the coach to you is the most beneficial outcome, in which case they can decide to proceed with the sale, but you will likely need to change the payee, probably to a trust.  It would not hurt to contact the bankruptcy trustee to test the waters on this, but understand that any agreement you had on price or other conditions is now void.

Disclaimer:  I am not an attorney and do not play one on the Internet.  There is no substitute for qualified professional counsel on matter such as this.  Your mileage may vary.  Objects in mirror are closer than they appear. Etc.

HTH,

-Sean
http://OurOdyssey.BlogSpot.com

[Lin]

Although Southwest will probably not refund your money, I think they will give you the full dollar amount credit to be used in one year.

[Kevin Warnock]

I feel for you.

The bus likely will need to be disposed of by the trustee, and I see no reason why you won't eventually be able to buy it from them, perhaps after bidding again. But I can see that taking a long while to complete.

Good luck!

Kevin Warnock
http://KevinWarnock.com - my blog

[Fred Mc]

Seeing as how you paid for mechanical inspection (I presume) can you or your mechanic apply a mechanics lein on it.

[luvrbus]

I am not going to worry just 400 bucks lost SWA gave a break on the tickets the guy filed Chapter 13 whatever that is he gets to keep everything he owns at reduced payments over 5 years according to my daughter, he filed before Deere got all the paper work filed they were required to do Deere is pretty upset they have to return the bus some know how to work the system I guess

good luck

[Sean]

Clifford, I'm not sure I follow whether you were buying the coach from the debtor or from Deere, who I presume was the lien holder on a note.  In either case, if you had an agreement to buy the coach, and the money you spent was pursuant to that agreement, and they have reneged, you should be able to file a claim for reimbursement.  If your agreement was with Deere, I would expect they would just pay you.  If your agreement was with the debtor, you may have to file your claim with the court, but chapter 13 does not entirely exempt him from having to pay you if you have a legitimate claim.

-Sean
http://OurOdyssey.BlogSpot.com

[luvrbus]

I was buying it from Deere Credit it was a repo Sean one of the few they could sell without a auction it was a go with Deere till the filing today

Deere offered me my money back and gave me 2 more to choose from if I so desire but neither bus have slides with no slides I would have to deal with the wife that won't happen.LOL

I got into this a month ago with a bank in TX I had the bus bought only to see it go auction I'll keep on looking it will happen to many repos on the market and I believe things happen for a reason for what reason I have no idea 

I didn't know a bankruptcy could stop a lien holders sale I learned something today the system right or wrong works if you have the right attorney

[Van]

What a drag, but like said happened for a reason, could be a good thing. Best of luck on the next on the next one, still here for ya buddy!

  Down At the lake

      Van

[Van]

I'll be in the N.Y.C. area for a couple a weeks, if ya need an some thing looked at in the area

    Van

[Lin]

Hey Van, when are you going to NYC?  We plan to go in March.

[Van]

Leaving tues gotta be on the red eye uggh!
   
   I'll save ya some knishes

       Van

[Lin]

Does that mean you are not going to leave any bagels or pizza?

[eagle19952]

been there too:
The Automatic Stay Protection
The protection that stems from a bankruptcy filing originates with the automatic stay. The automatic stay is set in place to protect individuals from harassment and stops creditors from enforcing their claims. Under the protection of automatic stay, creditors would be in violation if they filed a new lawsuit or continued to press a lawsuit that has already been filed.

[Van]

You bet Lin! ha ha ha!