You might have tried to answer this question by watching YouTube videos.
The fact is, this question can only be answered by a skilled professional who knows the unique circumstances of your situation.
Some questions need to be asked, answered and analyzed to determine whether or not your company should file for bankruptcy:
- Where’s the cashflow in your company?
- What are the assets of your company?
- Are any company debts backed by personal guaranties?
- How old are you?
- What do you want to do with the rest of your life?
- Did you intend to leave the business to the next generation?
- What’s the history of the company?
- How can you best protect yourself from personal liability?
You need good, solid advice by professionals focusing in this area. Contact your local Bar Association or look to reputable organizations like the American Bankruptcy Institute (ABI) and the Commercial Law League of America (CLLA) to find qualified professionals.
SmallBizReorg is here to provide you the resources to get your business back on track.
Based on my study, after a in foreclosure home is bought at an auction, it is common to the borrower to be able to still have any remaining unpaid debt on the mortgage loan. There are many loan providers who make an effort to have all fees and liens paid back by the up coming buyer. Having said that, depending on specific programs, rules, and state guidelines there may be several loans which are not easily solved through the shift of financial products. Therefore, the duty still lies on the client that has received his or her property in foreclosure. Thank you for sharing your ideas on this blog site.
We generally focus on commercial matters. A residential mortgage is a bit of a different topic.
You are referring to a right of redemption. These rights will vary from jurisdiction to jurisdiction which is precisely the reason it is so important for anyone in distress to seek counsel from a qualified professional. And when facing foreclosure, you should speak to an attorney licensed to practice law in the jurisdiction in which the property is located that focuses their practice on that type of work.