Legal Question in Bankruptcy in Florida

You have a complicated situation. From what you said, the problem is that your partner put up one of your motel properties as security for his own property. In other words, he tied your property to his loan on his property. Because of that, when he went into default, the bank will look to foreclose on your property to satisfy his debt.

What may be happening is that since he tied your one property to his loan, and now your property is at risk, that also causes your other property to be at risk.

One issue is whether or not he had the right to put up your building, and the answer depends on how the property is titled, what the loan documents say, and other facts.

You need to hire an attorney right way. There are a number of things you can do, and your attorney will need additional facts, such as: Are all the loans with the same bank? Are your two properties tied together on loans? Are those loans current? Are the properties owned by a corporation or an LLC? Di your partner have authority to granty the bank a lien on a motel the two of you owned together? Has a foreclosure suit or other suit been filed?

You may be able to get rid of the bank lien, but you probably do need to act quickly.

I urge you to call an attorney immediately.

Robert Wilcox

(904) 281-0700

There are many questions about your situation that an attorney would need to know. You wrote that your partner filed for personal bankruptcy. That might be an option too for either your or your company. It might be the best way to protect your property.

You should definitely contact an attorney in your area right away. We offer a free initial consultation, and would be happy to speak with you about the situation.