Chapter 11 Bankruptcy Case (pulling hair out plus DUPPED)

[Chapter11_PROSE]

Help...
I filed Chapter 11 Bankruptcy on December 11 2006, From federal prison.
Case was dismised Jan 25, 2007 due to incomplete schedules and forms.
I filed for reconsideration,
was released from prison on April 25, 2007 after serving 14 months
Went to reconsideration hearing on May 11, 2007. Dismissal was vacated and case reopened. I completed required scheduled and met the requirements creditors 341 meeting is scheduled for July 17, 2007.
During my incarceration my inlaws sold 2 properties that i felt I have a claim too since we had a Oral agreement that I would get the Proceeds from sale since I paid all mortgage payments and expenses prior to my incarceration.
All expenses are documented including cancelled checks. Just before my incarceration divorce proceeding began with my wife. At that time it was agreed that if the properties were sold i would get 50% of the proceeds and my wife would get the other 50%. Now I have seen no proceeds. I have incurred a large amount of credit debt and my other rental properties that I own with my Wife have gone pre-foreclosure and the business was negatively affected by this loss of equity my opinion (civil thieft) .
Is this a matter I should bring up in my Chapter 11 Case since the assets were part of my business estate per oral agreement or is this something I should take to State court on a seperate civil suit or would anyone recommend both. I am currently reviewing all my options and would like anyones opinion in this matter...
Thank you
Sean
Middle District of Florida

[lrprn]

Sounds like you've had a rough ride of it, Sean. We don't have any Ch 11 experts on this forum - our focus is on consumer bankruptcy (Ch 7 and Ch 13) here. Maybe one of our business members who considered Ch 11 might have some advice for you?

[HHM]

Without more info and background, it would be difficult to answer your question. As lrprn has pointed it, this site is more focused on consumer BK and not business bk.

On the face of it, this situation sounds more like a civil mater...however, the bk complicates maters, you probably can bring these actions in BK court so long as their would be some benefit to the BK estate.

[Spartan]

In my Business Law 101, we were taught that oral contract is not enforceable when it comes to real estates. When it comes to real estates, all contracts have to be written.

[Chapter11_PROSE]

unenforceable oral agreement on Real Estates

In my Business Law 101, we were taught that oral contract is not enforceable when it comes to real estates. When it comes to real estates, all contracts have to be written.

If Oral Agreements on Real Estate is not enforceable do you think?

In your opinion can I sue for reinbursement for the money that I can document was directly invested into the Real Estate properties in question.

[Chapter11_PROSE]

I am considering to File suit in both courts

Without more info and background, it would be difficult to answer your question. As lrprn has pointed it, this site is more focused on consumer BK and not business bk.

On the face of it, this situation sounds more like a civil mater...however, the bk complicates maters, you probably can bring these actions in BK court so long as their would be some benefit to the BK estate.

I am considering filing in both courts Civil state court and Bankruptcy court.
BK court should consider this part of the estate for the following I claimed both properties in question on my Schedule E's as a 50% interest on my tax returns along with the other real estate holdings I own.

If I file in both civl and bankruptcy court It may put more pressure on the defendants and possibly sway them into a settlement arrangement that will benefit my Bankruptcy estate by adding funds to the estate.

What is your take on this?

[Spartan]

If Oral Agreements on Real Estate is not enforceable do you think?

In your opinion can I sue for reinbursement for the money that I can document was directly invested into the Real Estate properties in question.

My legal opinion is worthless. I am not an attorney.

However, I do believe if you have documented proof, then you have a strong case for getting your money back. The defendent cannot be compelled to follow through with the oral contract. But the defendent is not entitled to unjust enrichment. The defendent cannot keep the money you paid in good faith.

Good luck and god speed.

[CATCHMEIFYOUCAN]

I sent you a PM on this site to check out, they are very straight forward people in there, but might be able to answer some questions, no sympathy thats for sure (from them that is), and they always say, "its' best to consult your lawyer or a few lawyers."

Best of Luck, CMIYC