Legal Question in Bankruptcy in Kentucky

liens, bankruptcy

I have a poultry farm business. When I took this loan to start this business the banker said it is 80% guarenteed by the government. Banker took a lien against my home so I could get the loan; I guess to cover the other 20%. If the local Chicken Plant goes under (have already filed Chap 11) then I will have to file bankruptcy. There is no way I could make the 13,000.00 per month payment without the poultry income coming in. Does this mean that I will loose my home as well since there is the lien?

Asked on 3/08/09, 8:23 pm

1 Answer from Attorneys

Gregory Napier Troutman & Napier, PLLC

Re: liens, bankruptcy

You have given a good sketch of the situation, but there are many other facts that come into the equation which may change the answer. Most likely, based only on what you wrote above, you would not lose your home.

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Answered on 3/09/09, 7:49 am

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