What to do about a corporate relocation package and bankruptcy?
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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 11 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.
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