I put my house up for collateral for my small buisness loan. Now things are not going as planned will I lose my house if my buissness goes bankrupt.
2006-07-27 12:33:44 · 8 answers · asked by thatlunatic 2 in Business & Finance ➔ Small Business
I have heard of the one car and one house rule but does this hold true in a buisness bankrupcy.
2006-07-27 12:38:41 · update #1
It depends what state you live in. Certain states are called "homestead states", in which case creditors are not legally allowed to go after your home. Many states are not homestead states, in which creditors may go after your home. I know that Massachusetts and Florida are homestead states, off the top of my head, but I don't know of the others.
Good luck!
2006-07-27 12:42:26 · answer #1 · answered by Anonymous · 0⤊ 0⤋
it really depends are what the full circumstances are with your whole case. with the new laws that took into effect last year things have changed a lot. the best place to go for secure advice would be a bankruptcy attorney. they will help and guild you through it.
2006-07-27 12:40:08 · answer #2 · answered by Anonymous · 0⤊ 0⤋
You will have to reorganize rather than liquidate your debt. I don't think a homestead exemption will help since you used your personal property to secure a business debt. You really should speak to an attorney.
2006-07-27 12:40:21 · answer #3 · answered by Speedo Inspector 6 · 0⤊ 0⤋
If you do a chapter 13, you can keep the house
2006-07-27 12:34:58 · answer #4 · answered by FavoredbyU 5 · 0⤊ 0⤋
Not if you don't file bankruptcy against the company that holds the lein,
2006-07-27 12:38:35 · answer #5 · answered by pretieone 1 · 0⤊ 0⤋
no i believe they leave you with one car and one home
2006-07-27 12:36:42 · answer #6 · answered by V0LLEYBALLER 1 · 0⤊ 0⤋
mybe
2006-07-27 12:35:49 · answer #7 · answered by ajani t 1 · 0⤊ 0⤋
no
2006-07-27 12:34:38 · answer #8 · answered by amberharris20022000 7 · 0⤊ 0⤋