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The condo building that my contrator built in 2007 was under my L.L.C. my contractor was over 6 months late on completeing the project and went over the budget by $175,000 which I foolishly signed a prommisory note saying I owed him. Because the market crashed during that period I could not sell the units I rent them.
I have a bank construction loan for 1.9. million the property today is only worth 1.7. million so there is no equity in the property. Can I file my L.L.C.for bankrupcy? what will happen to the contractors prommisory note.?
Also will the bankrupcy have any inpact on the bank loan?
Thank you Melinda