Legal Question in Bankruptcy in Illinois

Builder went bankrupt

Builder went bankrupt in Oct 07. We had a $10,000 deposit on our home he was building. Home was 6 weeks from closing when he went bankrupt. We have filed a claim in bankruptcy court. another builder has bought the unfinished home, finished it and sold it. How long could it be before we see any $$$?. Do we see more $$$ because house was finished and sold?

thanks, Liz


Asked on 6/03/09, 9:09 am

1 Answer from Attorneys
Adam S. Tracy Securities Compliance Group Ltd

Re: Builder went bankrupt

Sorry to hear about your situation. You may have a builders trust fund case here. That is, you could potentially sue in bankruptcy for fraud and the debt would not be able to be eliminated through bankruptcy. Moreover, you should receive something via the proceeds of the sale. This sounds very curious, like you are missing something. Please feel free to email me for a free consultation; [email protected]

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Answered on 6/10/09, 10:23 am


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