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  1. #1
    Join Date
    Jun 2010
    Location
    upper michigan
    Posts
    1

    Default Discharge of a Commercial Mortgage Obligation in Chapter 13

    My question involves bankruptcy in the state of: Michigan

    I'm talking to a bankruptcy lawyer. My problem is...over the last several years I have watched my families saving slowly disappear. I purchased a business and rental units several years ago, the business failed, abysmal renters. I'm current on everything, two mortgages, one very small auto loan, and have zero credit card debit. Without the commercial mortgage I'd be fine.
    Anyway, lawyers plan is; file chp 13, pay small amt to trustee, give it a few months then return commercial property to bank in loo of foreclosure, then dismiss bankruptcy case.
    Is this plan realistic? or is he just going for a fee and the last of my savings.

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Discharge of a Commercial Mortgage Obligation in Chapter 13

    What you describe is possible; your lawyer is in the best position to determine if it is probable or likely under the full facts of your case.

    If you're skeptical of the lawyer's advice, consider getting a second opinion before retaining him. We don't have the context to give you a reliable second opinion - that should come from a bankruptcy attorney who has fully reviewed your case.

  3. #3
    Join Date
    Aug 2010
    Location
    San Diego,CA
    Posts
    1

    Default Re: Discharge of a Commercial Mortgage Obligation in Chapter 13

    Actually legal advice helps in these type of cases.If you have had credit problems, such as bankruptcy, itís easier for you to qualify for an FHA loans than a conventional loans.

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