Legal Question in Bankruptcy in Georgia
Collateral
I got a commercial loan and my sister used her house as collateral for the loan that I used to purchase a business. If I file for bankruptcy what will happen to her house? Is there anyway that she can keep it?
Asked on 9/29/06, 1:20 pm
1 Answer from Attorneys
Scott Riddle
Law Office of Scott B. Riddle, LLC
Re: Collateral
The short version is that in order to keep a house securing a loan, someone has to pay the debt. A bankruptcy filing may delay a foreclosure, but it won't save the house if the debt is not paid. If you file, it may only speed up a foreclosure of her house.
Answered on 9/29/06, 1:52 pm
Related Questions & Answers
-
Creditor closed acct I had a credit card called carecredit for dental. I never... Asked 9/28/06, 2:06 pm in United States Georgia Bankruptcy Law
-
Foreclose on non reaffirmed mortgage My 1st & 2nd mortgage were discharged BUT... Asked 9/27/06, 7:09 am in United States Georgia Bankruptcy Law
-
Chapter 7 Hello: I was wondering if anyone there knew of any Bankruptcy attorneys... Asked 9/11/06, 11:45 am in United States Georgia Bankruptcy Law
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
