BK Question

[bobe]

I am not sure where to look for this answer. I know this site has very knowledgeable people that visit here so let me ask this....

I am partners in a small musiness that is struggling to make a go of it. % year ago we purchased the building and property. The payments were just short of 3 times the rent we were paying but thought we could make it work. Whatch what we do and save where we could. The first couple of years we were able to do it even though the bank and us did not consider the extra property tax and insurance cost. I don't know how that happened but it did.

Alomg came the high gas prices and evrything else and we got in trouble, had to barrow funds from my Father to save the place. We asked the bank if they could redo the terms of the loan, kick it out 5 more years and lower the payment to help us make a go of it. They said they could not and that we got into trouble again they would forclose on us and take the house that my family lives in. ( We were desperate and used it to get the loan, hind sight 20-20 )

The Question: We are still struggling abd was told that we should file Chapter 11 BK. Would this force them to redo the loan?

Any thoughts appreaciated,

Bob

[jq26]

I am very confused. Chapter 11? Are you trying to reorganize or are you liquidating the business (Chapter 7)? Successful Chapter 11s are far and few between. You have to deal with creditors who have to agree to your reorganization plan and all would have to receive more than in a Chapter 7.

And your family is living there? Is the home titled in the name of a partnership?

Chapter 11 is IMPOSSIBLE without an attorney. It is complicated and procedural. Who told you to file one?

[bobe]

I would like to reorganize and get the payments lower. So which Chapter would you suggest?

Is there a place on here that explains all the Chapter Bks?

Thanks for the input,

Bob