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real estate help with hotels and dealing with bankruptcy protection ect..

Discussion in 'Foreclosure, Repossession, Auctions, Short Sales' started by TonyP, Apr 22, 2011.

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  1. TonyP

    TonyP Law Topic Starter New Member

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    Hello, and thank you for anybody that is taking the time to read this and give any advice possible. You are awesome. Ok well to cut to the chase I am a hotel owner in oklahoma that had a successful small hotel. I decided to purchase another hotel with personal injection of collaterall plus I put my existing hotel loan to combine with the new hotel that I purchased in 2008. Unfortunately that one is failing and I might have to let the bank forclose on it but my question is that even though I have been paying my mortage leftover that can't be supported by the second property from the original property that I owned, can I somehow do some type of bankrupty protection where they (the bank) cannot come after my other hotel if I was to let my second property go into foreclosure and let the bank take it and firesale or do whatever with it. It is not going to be a cashflowing property due to too much supply in the market meaning hotel rooms but I want to somehow keep my other property.
     
  2. disagreeable

    disagreeable Well-Known Member

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    You need to consult a bankruptcy lawyer. Based on the amounts involved I suspect you are way above CH13 levels.
     

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