I've also posted this in a response in General BK, but I'd love to hear everyone's comments and perspective on this.
Bank is reportedly preparing an offer to term out business loans and attach a third mortgage to the loans.
Current bank loans do not have mortgage attached ... we will be paying off small SBA loan to get satisfaction of mortgage.
We have not seen the offer yet but we are fully prepared to go into Chapter 11 to reorganize business. Advantage of Chapter 11 is to reduce not just these bank loans but also Business CC debt.
Business is viable and looks better for next several years. Money will be tight, but it is doable ... and by end of 2011, 2012 will probably be soundly back in its feet.
So what do you think? How good does bank's offer have to be to make it a better option than a Chapter 11?
Related thought ... if I had to choose between Third Mortgage and personal guaranty on defaulted loans with $$$ still due after Chapter 11, which way is the best way to go?
And how do I decide?
All comments very much appreciated.
Bank is reportedly preparing an offer to term out business loans and attach a third mortgage to the loans.
Current bank loans do not have mortgage attached ... we will be paying off small SBA loan to get satisfaction of mortgage.
We have not seen the offer yet but we are fully prepared to go into Chapter 11 to reorganize business. Advantage of Chapter 11 is to reduce not just these bank loans but also Business CC debt.
Business is viable and looks better for next several years. Money will be tight, but it is doable ... and by end of 2011, 2012 will probably be soundly back in its feet.
So what do you think? How good does bank's offer have to be to make it a better option than a Chapter 11?
Related thought ... if I had to choose between Third Mortgage and personal guaranty on defaulted loans with $$$ still due after Chapter 11, which way is the best way to go?
And how do I decide?
All comments very much appreciated.