Legal Question in Business Law in Maryland
business loan - house as security
doing personal bankruptcy at this time - wanted to borrow 36,000 for my business to buy material and use my house as collateral - for a loan to be paid in lump sum july 3rd 07 - is this possible and is there a form
thanks,--name removed--
Asked on 11/04/06, 10:12 am
1 Answer from Attorneys
Daniel Press
Chung & Press, P.C.
Re: business loan - house as security
Don't even think of doing this until your bankruptcy is over. You could find that the trustee takes what you buy with the loan, leaving you with the debt on your house and no assets. SEE A LAWYER before doing anything.
Answered on 11/04/06, 12:11 pm
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