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Roger, Attorney
Category: Legal
Satisfied Customers: 31769
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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My husband and I are filing bancrupcy ( chapter 11) We put

Customer Question

My husband and I are filing bancrupcy ( chapter 11) We put land up as collatoral for a loan. Signed the deed over and everything. Can they take the land away if we declare chapter 11? If we try to negotiate with them a payment plan do they have to try and let us pay them back or can they take it away without trying to restructure? The amount is for 125,000.
Submitted: 7 years ago.
Category: Legal
Expert:  Roger replied 7 years ago.

A chapter 11 is a repayment plan for all debt. No debts are discharged. Thus, you shold be able to keep your land and hve it released from collateral once you pay off the debt through the bankruptcy.


All debts are paid back interest free.

Customer: replied 7 years ago.
If we file chapter 7 will we not be able to keep our land?
Expert:  Roger replied 7 years ago.
Chapter 7 is a complete liquidation, and it is likely that your lender will be given your land to satisfy all or part of the loan.