Personal Bankruptcy s corp 11 bankruptcy

[reliant]

Have business that is current on all debt and is making 120k profit per year with increased profit probable this year. Took 287K loan to start business in 2007. term of note was 2 years and bank refuses to extend or renew despite every payment being made in full and on time. Have talked to other banks and they decline to refi even with 100 k equipment collateral plus 100k cash cd. Can I file chap 11 and stop forclosure action by bank holding note. The business has no other debt. Bank has refused last payment made on 1 march so the clock is ticking. My FICO score is 650+

 

[army judge]

Banks have no duty to lend anyone money. Debt does not have to be refinanced. Your credit score is most likely the problem in these tough economic times.

Can you file a BK?

Sure.

Will it be accepted, only a BK judge can say for sure?

Speak with a local attorney and have your financial situation and options evaluated.


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