Lake Placid, FL asked in Bankruptcy for Florida

Q: A resident of Puerto Rico has filed bankruptcy and he owns a home in Florida. Can I buy that property in florida?

The home in FL. is going to an auction soon and I want to buy it before it goes there but the owner says he is not allowed to due to the bankruptcy. What are the rules when it comes to Puerto Rico and Florida?

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1 Lawyer Answer
Terrence H Thorgaard
Terrence H Thorgaard
Answered
  • Bankruptcy Lawyer
  • Freeeport, FL
  • Licensed in Florida

A: Bankruptcy is federal law, applicable in all of the United States, including Florida and (I believe) Puerto Rico. Not that it matters, but you didn't indicate whether the bankruptcy is in PR, Florida, or elsewhere in the US.

The auction, from a mortgage or tax foreclosure I assume, would be automatically stayed by the filing of the bankruptcy petition. Assuming that there has been an order of the bankruptcy court granting relief from the automatic stay, the sale could take place.

If the bankruptcy debtor/ owner wants to sell it to you, the fact that he is a resident of PR, and the land is in Florida would not matter. However the sale would have to be approved by the bankruptcy trustee and/ or bankruptcy court.

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