Legal Question in Bankruptcy in Florida

How does personal bankruptcy affect company-owned real estate?

My company holds title to several houses. I am the member of a single member LLC.

Some have mortgages recorded and deeded in my company's name, although I personally guaranteed the debt with the bank.

Some houses are deeded in my company's name, but the mortgages are in the names of other people, therefore these do not appear on my credit report.

Some properties my company bought through owner financing with the seller - again I personally guaranteed the debt.

How are these three sets of properties affected by a personal bankruptcy?

Finally, I have contracts to sell two properties netting a gain of over $50,000 - although I don't know when they will close, and am only 80% sure they will ever close. If and when they do, I may not need to file. Once started, can I stop the filing? and if so, what impacts if any will there be to my credit?


Asked on 6/23/02, 11:47 am

2 Answers from Attorneys
Alexander M. Rosenfeld Rosenfeld & Stein, P.A.

Re: How does personal bankruptcy affect company-owned real estate?

Your question requires an answer based upon ifs and maybes. I do not respond to such questions. You should consult with competent counsel. You may call me for an appointment. Consultation will be fee based.

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Answered on 6/23/02, 3:48 pm
Anthony Comparetto Comparetto Law Firm

Re: How does personal bankruptcy affect company-owned real estate?

From the facts you have given personal bankruptcy would cause you to lose some or all of your interest in real estate and the companies owning real estate. Better to meet with a competent debt attorney and work out an asset protection plan.

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Answered on 6/23/02, 4:25 pm


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