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Posted by Reinstatement Services, Inc. on August 23, 2003 at 10:06:44:
In Reply to: Help! Partner Filed Bankruptcy , foreclosure near posted by PK on August 23, 2003 at 01:23:38:
unless you are expecting a guaranteed windfall in the future that will sustain your personal financial security.
Why not list one or more of properties for sale once bankruptcy has been dismissed? Sale the properties, take your cut, and establish your own rental business sans your current partnership.
With the reported equity you shouldn't have difficulty selling, but if extra time is needed to secure a buyer, you might workout an Agreement with your lender that will buy you the time you need to close a deal.
Your friend is experiencing a severe financial hemmorage. Already you've been wounded in the process. Don't allow your and your wife's personal investments and your continued stability be taken down in the fall out.
Its time to sever the financial partnership with the friend ...and the investments.
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