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Richard, Attorney
Category: Business Law
Satisfied Customers: 54296
Experience:  32 years of experience practicing law and a businessman.
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I have an unsecured amount of debt of $835,000.00. There are

Customer Question

I have an unsecured amount of debt of $835,000.00. There are 3 parties involved in this line of credit. I have a voluntary lien on my house and property to the bank which is in the process of being sold. There is a $150,000.00 CD that is actually being held for this debt. if my property sells and the bank takes the $150,0000.00 the debt should be around $436,000.00. What can the bank do for the remaining balance?_
Submitted: 6 years ago.
Category: Business Law
Expert:  Richard replied 6 years ago.

Good evening. If there are 3 of you on the debt and each of you have joint and several liability, then the bank can come after any or all of you for the remaining $436,000. Your retirement assets are beyond their reach. Also, if any of you should choose to seek bankruptcy proptection, many more assets are exempt from the reach of creditors.



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The information given here is not legal advice. As all states have different intricacies in their laws, the information given is general only. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.

Richard and 2 other Business Law Specialists are ready to help you
Customer: replied 6 years ago.
Thank you so much. I have talked to a bankruptcy attorney and due to the fact that the 3rd party involved has other assets, they suggest we try to settle with the bank ourselves. I just receive the original loan documents from the bank that include all 3 of us on the loan. Can they touch that 3rd parties other businesses if we file bankruptcy?
Expert:  Richard replied 6 years ago.
You're welcome. They cannot touch the businesses themselves, but they can touch the individual's interests in those businesses because these are assets of the involved individuals.

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