Legal Question in Bankruptcy in Georgia

bankruptcy to save home

If owner of a house is an LLC and the original mortgage is in the name of an individual can the LLC file a chapter and save the home initially or does the original mortgagor who is not the owner have to file?


Asked on 1/29/09, 10:13 pm

2 Answers from Attorneys
Scott Riddle Law Office of Scott B. Riddle, LLC

Re: bankruptcy to save home

To stop a foreclosure, the owner generally has to file. That is usually not good news if the LLC has no business and only owns the property. A Chapter 7 for a business is not the same as a Chapter 7/13 for an individual when it comes to saving property from foreclosure.

Read more
Answered on 1/29/09, 10:21 pm
Glen Ashman Ashman Law Office also dba Glen Ashman Attorney

Re: bankruptcy to save home

A corporation generally cannot keep property in a Chapter 7, and cannot do a 13. It may be able to do an 11.

Read more
Answered on 1/29/09, 10:30 pm


Related Questions & Answers

More Bankruptcy Law questions and answers in Georgia