What to do about a corporate relocation package and bankruptcy?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
What to do about a corporate relocation package and bankruptcy?
My husband and I took a relocation package offered by his company where they took responsibility for the mortgage until the home was sold but it remained in our names. The house never sold and the company has filed bankruptcy.They will cover the mortgage as a liability however in the meantime it goes unpaid. Would moving in while the house is in limbo (to pay the mortgage) enable to company to refuse to include it in their bankruptcy?
Asked on July 18, 2012 under Employment Labor Law, Massachusetts
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Moving into your home that was to have its mortgage paid as part of the relocation package that was offered to you by your husband's company and paying its debt load (mortgage) would not in any way harm your contract with the employer with respect to its bankruptcy and enable it to not claim the home's mortgage and your payments on it as a debt within its own bankruptcy.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.