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The Griffin Law Firm
The Griffin Law Firm, Attorney
Category: Bankruptcy Law
Satisfied Customers: 51
Experience:  Member of NACBA and ABI
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We have 4 different properties(including perimary residence),

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We have 4 different properties(including perimary residence), which we have mortgages, all from the same lender. We are behind on payments almost for a year. Lender has not intiated forclosure procindings except on one of them which the sale date is a week from now. We own a construction company and our income is in absolute hault. However we pridict to have a part of our hung recivables be collected within 6 months and it will be sufficient to start payimg our monthly mortgage payments.

These morgages are our main debts and amount alltogether is about $5M. We have some personal loans from friends but no action or pressure from them. We have made personal gueranties for some business obligations but we are hopeful to resolve them through business negotiations rather bankrupcy.

Is Bankrupcy (may be chapter 11) a solution for us to avoid forclosures ( especially on the one due for sale)? We need at list six months to get our receivables and also the real Estae market may get a better.
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  The Griffin Law Firm replied 7 years ago.
Bankruptcy would stop a foreclosure, but it is likely the creditor will eventually seek relief from stay and given the situation you dscribe, they would likely win that motion. Buying 6 months of time is possible, but not guaranteed and will depend largely on how agressive your creditors are. You would need to be in a Ch 11 from the sounds of it since you have too much debt for a 13 and the 7 is not going to achieve your goals.
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