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My wife and I own a dry cleaning business in Brownsburg IN.

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My wife and I own a dry cleaning business in Brownsburg IN. We have been separated for almost threeyears. She runs the dry cleaners. I live in Alabama and she lives in Indiana. The bank has started forclosure. I haved a home in Alabama that is part of the collateral for the small business home we took out to purchase the business. Can/will the bank try to take my home in Alabama to satisfy the loan?
Submitted: 5 years ago.
Category: Business Law
Expert:  MShore Law replied 5 years ago.
Thank you for the post, yes the bank will likely to take the home in Alabama to satisfy the loan as it is viable and preferred collateral (preferred because real property is more valuable than persona property and more easily sold).
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