How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask socrateaser Your Own Question

socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36155
Experience:  Attorney and Real Estate Broker -- Retired (mostly)
Type Your Bankruptcy Law Question Here...
socrateaser is online now
A new question is answered every 9 seconds

Maker of secured promissary note declines to renew note at

Customer Question

Maker of secured promissary note declines to renew note at this time.
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  NYCLAWYER replied 6 years ago.
Good morning:

Can you explain the situation a little bit more and clarify for me
1. what state this is in
2. what do you want to know
Customer: replied 6 years ago.
t this time I don't hold any hope to get my investment returned inasmuch as the real estate market is as it is (according to themaker of the note).The investment was made several years ago with ine of the most prominent real estate companies owned by a prominent realtor in scottsdale , Az.
Expert:  NYCLAWYER replied 6 years ago.
I still do not understand what you are asking.
Customer: replied 6 years ago.
I do not know what additional info you need.
Expert:  NYCLAWYER replied 6 years ago.
You are asking about real estate you owe more on than you have equity?
please rephrase your question as I do not know what you know.
Customer: replied 6 years ago.
I invested $70,000.00 with "Demopa Investments, LLC in Scottsdale, Az. The loan was secured by a promissary note payable monthly at 10% interest. This note expired in June 2009. The note is secured by real property in Arizona. The maker of the note declins to renew the note at this time (mainly because this same property is listed in bankruptvy proceedings by a partner in Demopa. . I sent Demopa a letter some time ago requesting a retirn of my investment which they had told me was refundable at any time with proper notice, AT THIS TIME THIS IS NOT POSSIBLE BECAUSE OF REAL EState problems in Az. What can do to at least get a renewal of my note?
Expert:  NYCLAWYER replied 6 years ago.
Given the bankruptcy elements I am going to ask bankruptcy experts to look at this for you.
Expert:  socrateaser replied 6 years ago.



If you have a note secured by a trust deed against real property, then your recourse is to foreclose on the property.


You state that the maker declines to renew the note. My comment would be "so what?" If the note is due and the maker doesn't pay, then foreclose on the property.


If the property is listed as an asset in a personal bankruptcy, then you must ask the bankruptcy court to lift the automatic stay so that you can commence the foreclosure. I asume that this means that the partner has a joint interest in the property with the LLC. If so, then it simply means that your note is secured only by the LLC's interest, which could make complete recovery in foreclosure difficult, because there may be insufficient equity in the property to pay back your investment.


Hope this helps.


Terms and Conditions: By your continuing in this conversation with me, or by your clicking “Accept”, you are expressly agreeing to all of the following: (1) our communication is for entertainment purposes only; (2) you are not consulting me in my professional capacity as an attorney; (3) you do not seek to establish an attorney-client relationship with me, nor do I with you; (4) you will not rely on anything I say and you will obtain appropriate legal counsel via a traditional/office consultation with an attorney licensed to practice in the jurisdiction where your legal issue arises (and you may not use our communication to avoid taxpayer penalties imposed by the U.S. Dept. of Treasury); (5) by communicating with me in this public forum you are irrevocably waiving any right to privacy, confidentiality and attorney-client privilege concerning the matters discussed. You further separately declare that any payment made by you is not consideration for this contract, nor offered for any services rendered by me on your behalf, but rather is made in genuine admiration and respect for my desire to help others. If you do not agree with these terms and conditions, then you must advise me immediately.





JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
< Previous | Next >
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
  • My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer. Eric Redwood City, CA
  • I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight. Michael Wichita, KS
  • PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent. Three H. Houston, TX
  • Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!! Elaine Atlanta, GA
  • It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem. Tony Apopka, FL
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK

Meet The Experts:

  • Terry L.


    Satisfied Customers:

    Better Business Bur 15yrs bankruptcy experience. Chicago Bar
< Last | Next >
  • Terry L.'s Avatar

    Terry L.


    Satisfied Customers:

    Better Business Bur 15yrs bankruptcy experience. Chicago Bar
  • cortrightlaw's Avatar



    Satisfied Customers:

    Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.
  • JoeLawyer's Avatar



    Satisfied Customers:

    Attorney in the practice of Bankruptcy Law since 1996
  • Brent Blanchard's Avatar

    Brent Blanchard

    Bankruptcy Attorney

    Satisfied Customers:

    Twelve years experience in all aspects of debtor & creditor BK.
  • A.J.'s Avatar



    Satisfied Customers:

    Experienced consumer bankruptcy attorney.
  • Fritz's Avatar



    Satisfied Customers:

    Florida attorney with extensive experience in Chapter 7 and Chapter 13 consumer bankruptcy cases
  • Law Girl's Avatar

    Law Girl


    Satisfied Customers:

    I am an attorney.