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socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 39031
Experience:  Attorney and Real Estate Broker -- Retired (mostly)
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Have S corp and business is not making any money since bought.

Customer Question

Have S corp and business is not making any money since bought. Business loan is guaranteed with our house. Do not want to lose house Both have jobs. Have too much debt which is more than value of house. This is in MA. Can I keep house but continue to make affordable payments towards the bank and other creditors. Do I get relief from creditors in reducing loan payments etc???Do they reduce what I owe them in respect to principal payment or reduction of interest rate???
Submitted: 8 years ago.
Category: Bankruptcy Law
Expert:  socrateaser replied 8 years ago.

Your ability to save your home is more limited in bankruptcy than it would be by negotiating a repayment with the lender, or by refinancing.


Assuming that you cannot refinance, then a Chapter 13 bankruptcy would allow you to catch up your mortgage payments in from 3-5 years, assuming that you are behind in your payments. Otherwise, bankruptcy will do nothing to help you with your payments, except as it would permit you to limit your unsecured creditor payments (i.e., revolving credit).



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