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cortrightlaw
cortrightlaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 513
Experience:  Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.
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if i am a business and I signed by house over as collateral

Resolved Question:

if i am a business and I signed by house over as collateral when signing the lease for the business building, can i file bankruptcy in an attempt to save my personal property?
Submitted: 10 months ago.
Category: Bankruptcy Law
Expert:  cortrightlaw replied 10 months ago.

cortrightlaw : Can you please provide a little more detail as it would be very unusual to give collateral for a lease, usually that is only done for a loan?
Customer:

I found a lot with build to suit . . .I had them build the building but before they did it they required me to sign over my home a collateral

Customer:

I made a payment of a little more than 10,000.00 before they started

cortrightlaw : Ou really need to read your lease or have an attorney read it as if it a lease them a bankruptcy can terminate the lease. But if it is written more as a loan secured by your home then it would be a secured debt just like a mortgage and if it is secured by equity in the property then you could lose your home. Is this a small business loan by any chance? That is the only time I usually see a loan secured by a personal home.
Customer:

I am not sure how it is written it has been five years. . .I will need to review it and have a lawyer review it because it has a lot of language I don't understand. The home is not mortgage free, there is still a mortgage on the home . .so I am not sure how that would work since the bank that I took the mortgage with would need to be paid ??!!

Customer:

I made a mistake as a child care provider I accidentally left a child in the van never realizing he never got out. My center was closed and without that income I have nothing . . .I will lose the business while appealing the state decision

cortrightlaw : That's is to bad, you definitely need to take the lease and go meet with a bankruptcy attorney and get some good advice. And the mortgage on the house would be in first position and if you have any equity left over then they could possibly go after that equity. If you have no equity after the mortgage then they would have nothing to pursue and bankruptcy could better protect your property.
Customer:

I thank You for your time an chatting with me on a Sunday. I appreciate your help an will pursue with a bankruptcy lawyer. Enjoy rest f your day

cortrightlaw : Wish you well with your current situation, please take the time to rate my response.
cortrightlaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 513
Experience: Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.
cortrightlaw and 2 other Bankruptcy Law Specialists are ready to help you

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