Bankruptcy Law Questions? Ask a Bankruptcy Lawyer.
What is your Bankruptcy Law question, please? (What would you like to know?)
What is the best way to proceed? I have an LLC but the $100,000 credit line is attached to my house , not LLC. What type of bankrupcy can I apply for to protect me most?
1) What is the current market value of your home? (How much can it be sold for?)
2) What are the balances on any mortgage(s) and the line of credit that is secured by your home?
The current value is about $210,00.
I do not have a mortgage, but did take out this credit line of $100,000 for my business and to consolidate debt.
If you file a Bankruptcy, you can have your liability for the $100k loan discharged, and also for the credit card debt, but since the loan is secured by the house, you will not be able to have the lien removed. In other words, if you cannot pay that loan, filing a Bankrutpcy will not save the home.
I think this is what you wanted to know. If not, please let me know.Thank you!