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  1. #1
    Join Date
    Feb 2012
    Posts
    2

    Default Eviction After Bankruptcy

    My question involves bankruptcy in the state of: Georgia

    A family member owns a medical practice and had to file bankruptcy on the buisness and a few other properties because of a bad property deal. the medical practice is still open for buisness and he is partnering with another doctor and they are building a new facilty across town that he has no legal ties to but will retain all his patients.

    This facilty is in progress but not finished. His attorney says the bank can throw him out and lock the door any day since the property was relinquished to the bank but I think the laywer is wrong. If they have to leave before the new facility is complete it will really hurt buisness.

    I would think that no matter what they would have to give 3 days notice? What for would the notice come in? certified mail,constable posting?

  2. #2
    Join Date
    Sep 2010
    Posts
    478

    Default Re: Eviction After Bankruptcy

    Quote Quoting gapb78
    View Post
    A family member owns a medical practice and had to file bankruptcy on the business. . . the medical practice is still open for business. . . His attorney says the bank can throw him out and lock the door any day since the property was relinquished to the bank but I think the lawyer is wrong. . . I would think that no matter what they would have to give 3 days notice?
    Not enough info here:

    1. Who filed bk your relative or his corporation/LLC?
    2. What chapter was filed?
    3. Who owned the building, your relative or the corporation - or was one of them just a tenant?
    4. If not a rental, did the bank complete its foreclosure?
    5. If not a rental and the bank completed its foreclosure, did this happen before or after the bk was filed?
    6. If the foreclosure has not already happened and/or the building was rented (and the building is either owned or rented by the one who filed bk) did the bank obtain an Order from the bk court lifting the automatic stay? If so, when?

    Assuming you cannot answer the above questions (or others that may need to be asked) maybe have your family member post to the forum. If you know the answers, please update your post so that we can respond accordingly.

    Des.

  3. #3
    Join Date
    Feb 2012
    Posts
    2

    Default Re: Eviction After Bankruptcy

    I think both he and his LLC filed bk because he lost personal property because he had borrowed against both his personal property as well as the buisness. he did not own the building as he was still paying for it but he did have quite a bit of equity because he has been in the building almost 15 years now.

    I don't know what chapter was filed or the forclosure sdtatus but I don't think it has happened because he has had no indication of that.

  4. #4
    Join Date
    Sep 2010
    Posts
    478

    Default Re: Eviction After Bankruptcy

    I think both he and his LLC filed. . . (He was the titled owner of the building and the building was subject to a mortgage). He did have quite a bit of equity. . . I don't know what chapter was filed or the foreclosure status but I don't think it has happened because he has had no indication of that. . .
    Still not enough info. If there was equity in the property then the bk court most likely would not have lifted the stay since the equity would be valuable to the bk estate. My guess is that there really was no equity and the stay was lifted. My further guess is that the foreclosure has happened. If my guesses are correct then I would imagine the attny’s statements that he can be locked out are also correct. We really need to know exactly what the status is. The best way to get the correct history is to have your family member post.

    Des.

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