Foreclosure (business) [Archive]

Jylangs

06-06-2005, 05:55 PM

I filed a chapter 13 last December and converted to a Ch. 7 in August, the bankruptcy was discharged in Oct. 2004. My question is.. I kept the business, and my home. The business is doing very badly. I had it sold and found out that I had a lien on me that keeps me from selling any real estate, there is not enough money to pay the lien and the business off, so I lost the dale. I cannot afford to keep the business, so my attorney suggest that I just let the bank foreclose on it. I am worried about doing this, but I cannot afford to keep it, I am going to have to get a job and close it. Anything you can tell me will be sincerely appreciated.
Thanks.

HRx

06-07-2005, 12:05 PM

I don't know how much assistance you'll get here, becuase this site is specifically for consumer bankruptcy, but I can tell you this much:

Depending on how your business is "declared" you may simply have to foreclose, and eat all the fees related to doing so. If the business is a separate stand-alone entity, you look into filing a Chp11 or Chp7. But you'll need to consult with an attorney that specialize in business/corporate BK's.

Good Luck!



	Bankruptcy Forum > Before the Discharge > Foreclosure > Foreclosure (business) PDA Foreclosure (business) Jylangs 06-06-2005, 05:55 PM I filed a chapter 13 last December and converted to a Ch. 7 in August, the bankruptcy was discharged in Oct. 2004. My question is.. I kept the business, and my home. The business is doing very badly. I had it sold and found out that I had a lien on me that keeps me from selling any real estate, there is not enough money to pay the lien and the business off, so I lost the dale. I cannot afford to keep the business, so my attorney suggest that I just let the bank foreclose on it. I am worried about doing this, but I cannot afford to keep it, I am going to have to get a job and close it. Anything you can tell me will be sincerely appreciated. Thanks. HRx 06-07-2005, 12:05 PM I don't know how much assistance you'll get here, becuase this site is specifically for consumer bankruptcy, but I can tell you this much: Depending on how your business is "declared" you may simply have to foreclose, and eat all the fees related to doing so. If the business is a separate stand-alone entity, you look into filing a Chp11 or Chp7. But you'll need to consult with an attorney that specialize in business/corporate BK's. Good Luck!