Originally Posted by Natalie_ca
I know from a previous post you made earlier this year, that the bankruptcy is a result of a business and back then you were saying that you and your parents were going to lose your personal land.
That didn't sound right to me and I asked you to contact a lawyer and look into that because a personal bankruptcy is completely different than a business one and they can't blend them together and try and take your personal property to pay a business bankruptcy.
Did you ever look into that?
As our lawyer said (in so many words) yes they can, bascially because all involved in the closeing/forfiture of the store had their names on the legal papers for the loans involved in the stores finances, they can place a lien against our property, even though its paid for (mom and dad didn't, they still had a mortgage on their house with them, so they let it go back to the bank and moved into grandpas house)...and having placed a lien on it, they can have a sherrifs auction and sell it, aside from our mobile home, they told us they weren't interested in it, lol!
Home is no longer a worry for me though, because I have someone who is willing to buy it and let us stay there.......we were just going to go ahead and do the bankruptcy 'cuz it might be cheaper than buying it outright.....nope, if we do it through the court, will be paid over five years with about 8% interest on it. If he can talk to the bank and buy it outright will be better, but only if they will agree that this will settle forever and always the debt behind this matter (debt is $135,000.00, land is $56,000.00) sooo.....we wait and see, may wind up not filing bankruptcy at all......just wait and be patient...and thats sooo hard for me!