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WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 16014
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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I am a personal guarantee on a construction loan. We werent

Customer Question

I am a personal guarantee on a construction loan. We werent able to convert it to an SBA loan because of declining property values and dont qualify for conventional financing. The bank is forclosing. Should i file BK now or after they get a judgement? There is some equity in the property but not enough to fulfil the current loan
Submitted: 3 years ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 3 years ago.

WALLSTREETESQ :

Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarificati 

Customer:

Where can i find your response?

Customer:

Hi are you online?

WALLSTREETESQ :

i got cut off

WALLSTREETESQ :

Do you use the property for business now?

Customer:

No I was going to open a business with a partner and never got past the construction stage

Customer:

I disolved the LLC but am still guarantee on the loan

Customer:

Are you there?

WALLSTREETESQ :

Then their is no reason for you to wait to file a bankruptcy if you intend to, typically I would suggest waiting to file if you were using the property as it would give you several months to use the asset

WALLSTREETESQ :

Even if they received a judgment the bankruptcy would discharge it.

WALLSTREETESQ :

But you do not want to wait too long, as the judgment could be converted to a lien, and often times liens are hard to discharge

WALLSTREETESQ :

If you have any further questions please do not hesitate to ask

WALLSTREETESQ :

If satisfied please press the accept button so we can receive credit.

Customer:

My situation is this I have 75k in unsecured and another 50000 in a second that is unsecured bty the value of my home we make 150,000 so dont neccessarily qualify for 7 am thinking about doing 13 so we can strip the second and include it. Now this popped up I want to wait a few months before going 13 Can i name it in my bk even if I dont know exactly what I owe. The value of the loan is 668k right now.

WALLSTREETESQ :

you can wait, in these types of cases you would list the creditor on the petition and the amount as you know it then, the exact amount is not needed.

Customer:

I also had some good bonuses last month and want to wait 6 mo until my average income is lower. I also charged some stuff that I want to let marinade for a while. I just stopped paying my credit cards this month. Should I stop paying my second as well? At this time I am solvent but am thinking about waiting 6 mo to file. What do you think of this plan? Forclosure started 4 days ago.

Customer:

Thanks

Customer:

Justin

Customer:

I intend to keep paying my house and cars and keep them. Is this sound stratigy?

WALLSTREETESQ :

you should stop paying the second and pay the mortgage, the foreclosure of the other property is not an issue as it will be discharged, the second cannot foreclose and may be stripped so it is not an issue.

WALLSTREETESQ :

Six months is a good time frame,

Customer:

Would you just ignore the inevetable callfrom the credit card companies? When should I retain a lawyer?

WALLSTREETESQ :

you should advise the collection companies you will be filing bankruptcy, you should retain an attorney a few weeks before you are ready to file the bankruptcy

Customer:

thank you Sir That was the reafirmation I was looking for

WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 16014
Experience: 14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
WALLSTREETESQ and 2 other Bankruptcy Law Specialists are ready to help you

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