Bank Loan and Tenant Default

[arunkumar]

Hi,
I am a newbie so if this has to be posted elsewhere pls. advise.

I own a set of commercial properties (LLC incorporation) and have leased them out to tenants for business. Bank has loaned with 20% down. I have signed a personal guarantee to the bank. There is a huge part of the loan still pending.

For some reason if the tenant abscond/declare bankruptcy and I cannot lease the porpoerty out to anyone else because of the situation (cannot do profitable business in that location anymore) how can I protect myself?

What chapter bankruptcy would protect me?
Will my other businesses (Different LLC, loaned by a different bank again with personal guarantee to that bank) be at risk?
Will my home and car be at risk (making payments on both of them)?
Will my wife's incorporations and her peronal properties be at risk? (She has not signed any personal guarantee, but we are in dover state)

Please advise.

[iv65536]

On the first question, it appears that you would may be able to use Chapter 7 without having to deal with the means test, since it may be that most of the debts are non-consumer debts.

Other than that, you haven't given enough information for us to give you a better answer. What state are you in? How much is owed on the car and the house, and how much are they worth?

[arunkumar]

Arkansas State. It is a dover state.
Of the 110k on the house 107 is owed, but I put down 20% initially.
On the car I owe about 22K.
But I generally want to know if I would risk my personal property - house, car, my other businesses (LLC) and my wife's LLC (if we setup any) and any of her personal property (cars, land, etc)