Bankruptcy Law

Bankruptcy law questions? Ask a bankruptcy lawyer.

Ask a Lawyer,
Get an Answer ASAP!

I have a small business and borrowed a little money from my…

Customer Question
Second opinion] I have a...
Second opinion] I have a small business and borrowed a little money from my parents, about a year ago, to help finance the business. I also have unsecured loans with other creditors. If the business goes under, which is always possible, I want to ensure that my parents get their share of any proceeds from my house - prior to any unsecured creditors.Would I simply file a lien, on their behalf, on my house? And, if so, where would I file that? Can you provide a link to the form(s)?I am in Baltimore County, Maryland, and that is the location of the property as well.https://www.baltimorecountymd.gov/index.html
Submitted: 5 months ago.Category: Bankruptcy Law
Show More
Show Less
Ask Your Own Bankruptcy Law Question
Answered in 1 hour by:
12/13/2017
Bankruptcy Lawyer: legalg, Attorney replied 5 months ago
legalg
legalg, Attorney
Category: Bankruptcy Law
Satisfied Customers: 13,002
Experience: General Practitioner
Verified
Is there a promissory note that has the house as collateral?
Ask Your Own Bankruptcy Law Question
Customer reply replied 5 months ago
I could certainly issue a promisary note to them but would want to ensure that it is formally a matter of record and that any creditors would be able to see that if they were considering a suit of some kind. That is the thought behind trying to figure out how to file that without the expense of hiring an attorney or mortgage processing companies.
Bankruptcy Lawyer: legalg, Attorney replied 5 months ago

One could create a promissory note secured by the home and recorded with the county (so it is part of the record which provides notice to all lenders that come after the date of recordation).

It would create a lien against the home once recorded. It would need to identify the property secured (house).

Here is the UCC governing security interests:

https://www.law.cornell.edu/ucc/9/9-203#

It is best to hire an attorney to draft the note; otherwise samples can be found either online or at the law library. At minimum, an attorney can be hired for a flat fee to review the document. Recordation can be done by contacting the county recorder where the property is located.

Further questions? Please post here to continue the chat.

Satisfied? Kindly rate positively so I receive credit for assisting you. I hope that you feel I have earned

5 stars 🌟🌟🌟🌟🌟*****

as I strive to provide my customers with great service. ☺️

(no additional charges are incurred).

Information provided is for educational purposes only. Consultation with a personal attorney is always recommended so your particular facts may be considered. The terms addressing this can be viewed here:

http://ww2.justanswer.com/terms-service-0#information

Thank you and take care.

Ask Your Own Bankruptcy Law Question
Bankruptcy Lawyer: legalg, Attorney replied 5 months ago

Hello again; just checking in to see how things worked out;

If you have no further questions a positive rating is most appreciated (at no additional cost to you) and allows the site to credit my account for the time spent assisting you!

if you have further questions please don't hesitate to reach out to me here on Just Answerand I will do my best to get you the requested information.
Thanks!

The above information is for educational purposes only. A consultation with a private attorney is recommended so they can apply the law to your specific facts, and suggest the best course of action. An attorney can be located here:
http://www.americanbar.org/groups/public_education/public-information/how-do-i-find-a-lawyer-.html
Terms of service can be viewed here:
http://ww2.justanswer.com/terms-service-0#information

Ask Your Own Bankruptcy Law Question
Was this answer helpful?
Ask legalg Your Own Question
legalg
legalg
legalg, Attorney
Category: Bankruptcy Law
Satisfied Customers: 13,002
13,002 Satisfied Customers
Experience: General Practitioner

legalg is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem.

TonyApopka, FL

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

< Previous | Next >

Meet the Experts:

Terry L.

Terry L.

Attorney

2,679 satisfied customers

Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.

cortrightlaw

cortrightlaw

Attorney

511 satisfied customers

Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.

JoeLawyer

JoeLawyer

Attorney

376 satisfied customers

Attorney in the practice of Bankruptcy Law since 1996

A.J.

A.J.

Attorney

262 satisfied customers

Experienced consumer bankruptcy attorney.

Fritz

Fritz

Attorney

209 satisfied customers

Florida attorney with extensive experience in Chapter 7 and Chapter 13 consumer bankruptcy cases

Law Girl

Law Girl

Attorney

153 satisfied customers

I am an attorney.

Paul K, Esq.

Paul K, Esq.

Attorney

141 satisfied customers

10 years Exp., Great customer service, Prompt responses.

< Previous | Next >

Related Bankruptcy Law Questions
Civil court - Signing up envelopes before receiving loans -
civil court - Signing up envelopes before receiving loans - is that enough proof + recordings where that person states that I loaned that money and he is not going to give me them back?… read more
Mark Anderson
Mark Anderson
Attorney
Doctoral Degree
10 satisfied customers
Car dealer was about to repo its car when received notice
Car dealer was about to repo its car when received notice that car buyer filed for bankruptcy. Can dealer go through with the repo?… read more
Lori
Lori
Juris Doctor
1,343 satisfied customers
I signed a promissory note for a deal worth $160,000.
I signed a promissory note for a deal worth $160,000. Another man also signed a promissory note for the same deal and actually got the money but his note was signed at a separate time for less money w… read more
INFOLAWYER
INFOLAWYER
Partner
Doctoral Degree
58,748 satisfied customers
IRS notice received. I owe over $13,000. I am retired on
IRS notice received. I owe over $13,000. I am retired on $1700 soc security benefits. I plan to file Ch 7. I understand the rules regarding this, except for one, which I hope you can help with. … read more
Terry L.
Terry L.
Attorney
Doctoral Degree
2,679 satisfied customers
I am completing a Proof of claim form (410) for the US
I am completing a Proof of claim form (410) for the US Bankruptcy court for the District of Delaware (Debtor: Woodbridge Group of Companies LLC. and there are some questions on the form I would like to review with an attorney to ensure I an completing the form correctly. Does your group work with chapter 11 Bankruptcy? … read more
Lori
Lori
Juris Doctor
1,343 satisfied customers
I received a Notice of assets, notice to creditos and other
I received a Notice of assets, notice to creditos and other parties in interest of the need to file claims from my previous employer who owes me back pay. what does this mean? how do I get my back pay… read more
Barrister
Barrister
Attorney/Landlord/Realtor
Doctoral Degree
37,093 satisfied customers
I am an Oregon resident and I filed bankruptcy, and an
I am an Oregon resident and I filed bankruptcy, and an individual has filed an exclusion to discharge based on a Virginia default summary judgement, using the preclusive principle of collateral estopp… read more
Ely
Ely
Counselor at Law
Juris Doctor
266 satisfied customers
Received a notice of automatic dismissal without the entry
Received a notice of automatic dismissal without the entry of a discharge. for failure to file documents. a/b, D, E/F,I,J,J2,statement of your current monthly, income BUT I filed these forms but at 2 … read more
DrakeLAW
DrakeLAW
Juris Doctorate
1,038 satisfied customers
My question is I am in a bankruptcy and I plan to ckose the
My question is I am in a bankruptcy and I plan to ckose the case will my active foreclosure case return… read more
DrakeLAW
DrakeLAW
Juris Doctorate
1,038 satisfied customers
I filed bankruptcy and just received a notice saying
hello. I filed bankruptcy and just received a notice saying sheriffs notice of bankruptcy procedures. pursant to a creditors instructions under a writ of execution , the sheriff levied on and is curre… read more
DrakeLAW
DrakeLAW
Juris Doctorate
1,038 satisfied customers
During my divorce I signed a promissory note for 85 thousand
During my divorce I signed a promissory note for 85 thousand can I file chapter13 … read more
Barrister
Barrister
Attorney/Landlord/Realtor
Doctoral Degree
37,093 satisfied customers
My exwife is going through bankruptcy and still owes me
My exwife is going through bankruptcy and still owes me about 60,000 judgement. She is trying get that cut in half and I know she has plenty of money. I have been to the meeting of creditors and I hav… read more
Amadeo Rivera
Amadeo Rivera
JD
85 satisfied customers
I received notice from the Trustee of an "Order Striking
I received notice from the Trustee of an "Order Striking Filing For Failure To Comply With Required Procedures".I believe the problem is with a creditor who had an undeliverable address, however, I ha… read more
DrakeLAW
DrakeLAW
Juris Doctorate
1,038 satisfied customers
I received a notice of bankruptcy from my ex husband. I am
I received a notice of bankruptcy from my ex husband. I am named as a creditor who has unsecured claims. It is domestic support obligation. Do I have to fill out the proof of claims form? If so what d… read more
legalg
legalg
Attorney
13,002 satisfied customers
I need a sample letter to respond to a Amended Notice Motion
I need a sample letter to respond to a Amended Notice Motion in bankruptcy. Its a Motion for Relief from a Automatic Stay.… read more
Terry L.
Terry L.
Attorney
Doctoral Degree
2,679 satisfied customers
I received bankruptcy notices regarding a company that
I received bankruptcy notices regarding a company that offered me shares for some land my family owned. The bankruptcy is a chapter 11 filing. I assume that I get these notices because I am a debtor, … read more
DrakeLAW
DrakeLAW
Juris Doctorate
1,038 satisfied customers
I had someone sign a promissory note for over 40k. I know
I had someone sign a promissory note for over 40k. I know they are going to file Chapter 7 in the state of California. Can I sue them before they file? If so and I get a judgement against them before … read more
Roger
Roger
Litigation Attorney
Doctoral Degree
26,935 satisfied customers
How can I create a promissory note that can't be discharged
How can I create a promissory note that can't be discharged by someone through Bankruptcy in California?… read more
DrakeLAW
DrakeLAW
Juris Doctorate
1,038 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x