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cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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Ok I was trying to sell a Commercial property in a short sale

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Ok I was trying to sell a Commercial property in a short sale I have a offer for 135 k and overed 20 k over 60 months as of today the bank refused the deal they want a short sale but 100 k at closing the total balance is 238 k but they say with interest and other cost etc we looking at 268 k they will take a 100 k at closing or terms for the full amount either option I can't afford . Any advice or can I just file for bankruptcy now rather then going thought the long drain out process of a forclosure . I'm trying to keep my business its a small business with little or no net worth will bankruptcy protect my business and what type of bankruptcy 13 ?

cfortunato : Hi - my name is XXXXX XXXXX I'm a Bankruptcy attorney here to assist you.
cfortunato : Is there a relationship between your business and the commercial property you are trying to sell?
cfortunato : Also, are you personally liable for the mortgage on the commercial property?
Customer: No relationship between my business and the personal property to separate corporations . Yes I did sign a personal guarantee
Customer: Sorry I got back to u late I did respond to y questions please follow up and I will rate y service
Thank you for your response.

Since your business is not related to the commercial property, and since your business has little or no value, the bank could not take your business if the property forecloses. This is so, whether or not your file a Bankruptcy.

I think this is what you wanted to know. If not, please let me know.
Thank you.
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