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Can you keep your possessions while in Chapter 11 Bankruptcy?

() It is possible to finance a commercial property in Chapter 11 bankruptcy, but only with the court’s permission, states Todd Tretsky of CRE-Finance LLC.

The Jones family is in the business of manufacturing widgets. The Jones family owns the industrial building occupied by Jones Widgets, Inc. The property is worth $ 1 million.

Suppose further that Hometown Bank has an existing $ 400,000 first mortgage on this industrial building, and the loan has matured. The Jones family therefore has to obtain a new first mortgage to pay off the $ 400,000 balloon payment.

Peter Jones therefore applies to First National Bank of Hometown for a new loan to pay off the balloon. Several months go by, and the maturity date comes and goes; but Mr. Jones assures Hometown Bank that his refinance is almost completed.

Suddenly, for no justifiable reason, First National Bank of Hometown decides not to make the loan. Now Peter Jones is in trouble. Hometown Bank has filed for foreclose, the foreclosure sale is in one week, and he is in danger of losing a $ 1 million property for a lousy $ 400,000 loan!

Fortunately the government….

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