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My Company owned a property in Louisiana that was only partially

finished, and in its current...
My Company owned a property in Louisiana that was only partially finished, and in its current state is worth much less than what is owed on the construction loan (long story, I had to take the contractor building it to court and got a federal judgement, then he went bankrupt and I got nothing). My business was failing and headed for bankruptcy, and we just went through an asset acquisition, where all of the assets were purchased except this property. The Company has no remaining assets or income, but is still open. The acquiring entity formed a new LLC which we are operating under. We brought a buyer to the table for much less ($65,000) than what is owed ($180,000), and the bank refused unless I agreed to pay off the whole difference, which I cant afford to do. question is, can I just walk away? I believe I did sign a personal guarantee, since i was 100% owner of the Company, but I have shown a good faith effort to get the Bank a good amount, and if I close the Company, would they still try and go after me personally?
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Answered in 9 minutes by:
7/10/2013
Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 39,552
Experience: 17 years real estate, Realtor. Landlord 26 years
Verified
Hello and thank you for using JA! My goal is to provide you with excellent service and help with your legal problem.
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I am sorry to hear that the shady contractor was able to put you in a bind with the property.
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question is, can I just walk away?
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If it was just the company that owned the property and signed any loan, then yes, once you filed BK, it would extinguish the debt.
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But if you signed a personal guarantee, then they can come after you individually and try to collect on any debt for the property.
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Whether they would do so would depend on whether you have any assets that they can collect a judgment against. They don't want to spend ten thousand on an attorney to sue you and get a judgment if you don't have any assets that they can collect against.
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Thanks.

Barrister

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If you need further help, just reply to me via the “REPLY” button and I will be happy to continue.

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I cannot enter into an attorney client relationship, this is a public forum, and all posts are available for public viewing. There is no duty of confidentiality that attaches to any posts. The information provided is not a substitute for a local attorney’s legal advice.

Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 39,552
Experience: 17 years real estate, Realtor. Landlord 26 years
Verified
Barrister and 87 other Real Estate Law Specialists are ready to help you
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Barrister
Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 39,552
39,552 Satisfied Customers
Experience: 17 years real estate, Realtor. Landlord 26 years

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