Legal Question in Bankruptcy in Arizona

Need attorney with chapter 11 business experience for Arizona.

My question is this:

I have 4 residential homes I use as vacation rentals. I originated the loans on all of them in my personal name. They are now in an LLC and I want to know if the LLC files a chapter 11 what effect, if any, will it have on the loans.

All of the properties are underwater but I would like to keep them as rentals if I can Cram Down the loans.

If the lender proceeds with the foreclosure action will the court block it if loaans are in my name but the LLC owns the properties?

Any case law??

Michael Cantin

602-326-6679


Asked on 6/04/10, 10:57 am

1 Answer from Attorneys
Donald W. Hudspeth The Law Offices of Donald W. Hudspeth, P.C.

The loans should remain unchanged; however, the homes are not exempt and your equity could be taken by the trustee.

Jo Ann Joy

Attorney/Business Adviser

Read more
Answered on 6/09/10, 2:55 pm


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