Can I avoid bankruptcy on my rental apartments?
April 29, 2009 by Information About Bankruptcy
Filed under More Bankruptcy Answers
Can you answer jmsunlinenet’s question about Bankruptcy?:
I have had seven rental apartments in older buildings on one site. Due to the economy etc. income has not matched outgoings for some time. Will need to borrow more to pay the insurance premium in July. Sale value of property very poor in this market and unlikely to sell for more than what I own the bank (personal note). At what point do I just quit?
Chapter 7 Bankruptcy Attorney
I have had seven rental apartments in older buildings on one site. Due to the economy etc. income has not matched outgoings for some time. Will need to borrow more to pay the insurance premium in July. Sale value of property very poor in this market and unlikely to sell for more than what I own the bank (personal note). At what point do I just quit?
Chapter 7 Bankruptcy Attorney
Bankruptcy Feedback: just quit? the bank will foreclose and come after you there is no such thing as just quit. Every thing has consequences
Bankruptcy Feedback: you “quit” when you die. Until then, you still owe the bank money and they have to get it somehow. If you are foreclosed on, then this will hurt your credit. if you still have money left that you owe the bank after foreclosure, then they will go after your personal assets, like your house, bank accounts, etc. You may have thought you were smart by incorporating your business, but did the bank ask YOU to be a cosigner for your business on the loan? If so, you’re screwed.