Real Estate Law
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Unfortunately, the bank can seek a deficiency judgment against you non exempt assets and try to garnish your bank accounts and wages. The stock you hold in the S corporation is an asset that the creditor can obtain a charging order in and sell for market value of the shares in order to obtain money for the debt. Also, GA only allows you to exempt 10k in equity in your home, so , yes, your house is at stake also.
You may want to consider filing a chapter 13 bankruptcy and applying what is called a "cram down" on the rental. The BK court should allow you to shave the debt on the rental down to match the FMV of the rental. This will lower your payments and the chapter 13 will allow a 3-5 year payment plan to pay back arrears.
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The interest that you hold in an LLC or a corporation can be made the subject of a charge order. Creditors sometimes do not spend the time and money to discover that you have such an interest, but it may show up on your tax returns which they can get from you in discovery.
There are a number of ways to try to protect yourself but at this stage of the game, any transfer is subject to a fraudulent conveyance attack and the creditor can ask the court to undo the transfer.
It may, not really sure what the terms of the renewal process may involve but it may extend the process a month or two.
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