I live sorta in the country and the working farm next door to me was sold about 2 years ago to a guy who opened a tractor sales and supply store. Recently, the place closed for good and phone recording says it was a chapter 7 bankruptcy.

The tractor store had a corral right next to my front field and in it is a bunch of cool stuff - new and used garden mowers, a few kid's minicycles, three used off-road go-karts, two brand new 220 volt air compressors (Ingersol Rand), and various other walk-behind mowers and mower decks, and also probably 12 or so brand new car and motorcycle trailers.

All this stuff had just been sitting out in the open (rain and all) for a couple of months. Where would I go to find out the status of this stuff or how is will eventually get disposed of? I am trying to locate the landlord right now but no luck yet getting his direct number. Thanks.

Dave

Chances are the bank or banks he defaulted will have an auction to get rid of anything remaining to try to collect a small portion of the debts owed them. If you can find who the banks are, they may offer to sell pieces ahead of time, I wouldn't do this. I would wait for the auction, if they offer things for sale prior to an auction, they will try to collect more value on it typically. Once it goes to auction, everything has to sell, so you can generally get it much cheaper, especially if no one shows up.

Jeff

Where in Virginia Dave?

I think I'd start with the address of the property and then head over to the County offices or web site. I believe the property owner information is a matter of public record and the address should provide you with the name(s).

Dan

This is in Loudoun County, good idea to head over to the county offices to look up the landord info. Thanks.

Dave

I think Chapter 7 is forced liquidation. Find the county where most bankruptcies are filed and you should be able read the original petition and any court proceedings since. Nothing will happen unless the appointed judge signs off on it and the largest creditors agree. Like ambulance chasing lawyers bankruptcy lawyers are about as vile. The one handling the case for the petitioner might offer you more info. His name will be listed on the original petition also.

You must live in a real honest neighborhood. Because if that stuff was sitting outside by where I live it would have all been stolen by now, even if the guy didn't file bankruptcy.

When a bankruptcy is filed, there is a trustee appointed. Sometimes the filer is allowed remain a "debtor in possession" but this does not sound like the case. You may be able to look up the bankruptcy file at the Federal courthouse if you know the name of the guy, or maybe even the business. Then you can find out who the Trustee is and inquire about his/her plans for disposing of the assets, which need to be sold off to satisfy the creditors.

Merchandise of a business is often covered by a UCC filing, basically a security lien, whoever filed that might have a secured claim on the merchandise.

Sounds like a sad situation.

heck,you have to worry about the darn bank filing for bankruptcy!

It is a sad situation. I knew the owner, he's my age (mid 40s) and was really trying to make a go if it. I have no idea where he is now or how to contact him, the place is locked up with closed signs all over the place.

I am going to the county offices tomorrow to try to get more info. Thanks.

Dave

I had a customer file bankruptcy several years back. It was an eye opening experience when the Feds are involved. I got a letter from the Bankruptcy court stating it was a felony to go on the guys property, attempt to contact him in any form...letters, phone calls,emails, anything! Basically he was off limits to any of the creditors until the bankruptcy hearing. This is the biggest joke of all..In the hearing, his lawyer proposed settling for .25 on the $1.00 for amounts owed. All of us asked the judge what if we said no, He replied then we will sell off his assets. But you will likely wind up with a lot less. Guy was a smart cookie, assets of company were spread around among his spouse and kids. Two months later he's back in business as tho nothing happened. Later we find out he had bankrupted before in another state. Still feel screwed.:mad::mad:

One of the protections of bankruptcy is the "automatic stay" which halts collection efforts, lawsuits, etc. It (1) freezes the debtor's position so it can be evaluated and (2) keeps a creditor from gaining an advantage over other creditors.

Bankruptcy is Federal, so you don't really file in a different state, but a different federal court district, and there are limits to how often you can file.

The system can be and is gamed, and there were "reforms" a few years ago that make it harder to file. Unfortunately, these "reforms" also impact people who find themselves in trouble due to uninsured medical expenses and such.

It's rough when a small business owner gets screwed, especially because that owner gets leery about allowing credit to other customers.