"Eisboch" wrote in message
...
"Rob" wrote in message
...

If they file Chapter 7, the boats in the yard can be quickly returned to
the owners. If they are torn apart, in the middle of a service, you are
out of luck and will have to pay someone else to finish the job. If they
have an account started with you, with a balance, the bankruptcy court
can attempt to make you pay for the benefit of the trust.

Rob - Been there, different circumstances.


It depends on what you consider to be "quickly". In many cases a
Chapter 7 filing ... voluntary or involuntary ... results in all the
assets
and property (owned by the business or not) being held until the
bankruptcy court
plows through all the records. It can take months.

I had a similar experience to John's a few years back in Florida.
I had a Scout stored at a boat yard storage and repair place.
The bank called a note on them and they were forced into
Chapter 7. There was no direct notice to those of us with boats at
the yard.

Similar to John, I became suspicious when I could no longer contact
them. I took a ride to the yard only to find it locked up with a steel
gate
that was padlocked. I sat there for a while in my truck and noticed a
van
pull up, unlock the gate and pulled into the yard. I quickly pulled up
behind him and entered as well.

The guy in the van got out and started yelling at me that they were
"closed".
By this time the situation was clear in my mind, so I pulled my truck
around
him and backed it up to my boat and trailer. Told him I was taking my
boat.
He said I couldn't .. they were "bankrupt" and everything in the yard had
been
frozen by the court.

He ran into the building to call somebody.

Meanwhile, I noticed that the trailer had a flat tire. Another guy came
out
and helped me put a little air in the tire and he then got the keys to the
van
and moved it. Apparently he didn't realize what was going on.

I dragged the boat/trailer out of the yard to the nearest gas station to
fill up the
tire and then headed home. Checked the local "legal notices" for the
town
and discovered they were in bankruptcy. Never heard from them again.

Eisboch

That's a scary situation. What would you have done if the police showed up
before you split?

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Nom=de=Plume