Legal Question in Bankruptcy in New York

Bankrupt

Hi.

I am having alot of trouble paying my credit cards.

I have alot of debt becuase my home cost more

than I thought to build.

I have a contruction loan. I do not want to jeopordize my home in any way.

Can I go bankrupt without them taking my unfinished home? I have one

draw left, completion.


Asked on 3/14/01, 4:45 pm

1 Answer from Attorneys
Eric Kochel The Law Office of Eric David Kochel, Esq., P.C.

Re: Bankrupt

The answer is probably yes. However, it depends on the nature of your "construction" loan. Truly speaking, you have not given me enough information about your construction loan ( is it secured or unsecured?) or about your home - do you have a mortgage? - do you have equity in your home? All these and other details must be known before I can answer your question. Please call my office at (212)740-8330 for a consultation.

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Answered on 5/24/01, 11:37 pm


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