About the only issue I could see was whether to try to recover a little by selling the equipment. I would think you should- It sounds like everyone is still getting along, and probably will continue to, if the debtor is working for the BTO. The bankrupt friend will think even less of himself if BTO doesn't think enough of the equipment to even try to realize something from it. Won't be too hard to get it all to a consignment auction, and just take what you get. Given the personal relationships here, at least try to leave the guy with his dignity.
As far as collecting anything from debtor, forget it. He'll surely have enough exemptions in bankruptcy to discharge the debt, and that, as they say, is that. If BTO has a perfected security interest in the machinery, he'll be able to sell it. Even if he doesn't, the court will probably abandon it to him if the debtor agrees.
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Today's Featured Article - My Ford Golden Jubilee - by Troy Estes. This article is about my '53 Ford Jubilee and a story that starts with taking the tractor to my brother's Starter/Alternator Rebuilding shop for a wiring fix. The generator was shot as well as all the wiring. I dropped off the tractor expecting a transformation from a 6 volt to a 12 volt system utilizing the original generator housing, and a total rewiring of the whole tractor. The front end center pin bushing was worn also so I ask that they replace it if they had time. Well, that’s wha
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