Then filing a Chapter 11 for your corporation will probably not help you, as a majority of your creditors must approve your re-organization plan. If this bank is your only corporate creditor, that bank must approve your re-organization plan. If the bank will not work with you now, there is no reason to expect that they will work with you if you file a corporate Bankruptcy - as they do not have to work with you because you file a Bankruptcy.
I think this is what you wanted to know. If not, please let me know.Thank you.
I am not trying to get out of paying my debt, I just do not have the same cash flow as in the past and need to reduce my payments. I tried to move the loan but can not.
If I can not make the payments, what are my options?
Then if the debt is not paid, there is nothing the bank can do to the corporation.
If you file a personal Bankruptcy, then there will also be nothing they can do to you personally. If the bank will not work with you, filing a personal Bankruptcy would be the only way to protect yourself.
Perhaps if you explain this to the bank, they will be more likely to work with you.
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).