I bought a commercial building 1 year ago. They did an environmental questionarre not a phase 1 study. Now we have an oil tank leaking. The previous owner is bankrupt. Who could I possibly sue for this? Could I sue my bank for not on insisting on a phase 1? Or will I just go bankrupt myself trying to fix this? I put my life savings into this building. I set up a separate llc to buy the building. I could just let it go bankrupt and let the bank and d.e.p. fight it out and take my company to a rental building.I can't even decide which way to go.

You can not sue them if they went bankrupt and went out of business

You can not sue the bank, since YOU are the one that did not require it, why did you not require the inspection. You can have your attorney see if there is any issue with the bankruptcy, and/or the way their corporation was set up to see if you can fnd any personal liability from the sellers side. Of course expect the DEP to do the same and try to find some way to hold you personally liable also..