Legal Question in Business Law in Texas
I am entering into a contract with my inlaws to build a house for them that I will own. They will make a one-time payment for advanced rent which will be the only payments they will be obligated to make. If for some reason I become insolvent, will the contract I execute with my inlaws override any bankruptcy ruling involving the house? In other words, will the contract between us provide them protection that they won't ever get evicted due to my personal circumstances?
The house is owned by my Sub S corporation for which i am the sole proprietor.
Thanks.
1 Answer from Attorneys
As a Franchise Attorney I can say this. You can't "override" bankruptcy laws by a contract with your inlaws. Their lease is subject to all applicable laws, including bankruptcy law. Consult with a good business or franchise attorney in your area for specific advice.
Mr. Franchise - Kevin B. Murphy, B.S., M.B.A., J.D.
Franchise Foundations, a Professional Corporation
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