S-corp FL realestate going into BK

[moodys]

What is the name of your state? Florida

I am a investor in a real estate co that has a motel no longer making money. If the company goes into BK, since the banks are going to foreclose. What is the possibility of me getting any of my investment back? What steps would I need to take to try an protect my investment. Thanks

 

[tranquility]

If the company you have invested in goes bankrupt, you have lost your investment. There is nothing you can do to "protect" it. The good thing is you are not going to be liable for the debts beyond your investment.

 

[moodys]

What about tyring to auction the property off. The property is easily worth more than the bank note, even in this hostile real estate market.

 

[Zigner]

What about tyring to auction the property off. The property is easily worth more than the bank note, even in this hostile real estate market.

That would happen through the bankruptcy. Then any remaining funds will be distributed. You will probably not received anything close to your initial investment.

 

[moodys]

We (investors) are going to try and auction off before the BK chapter 11. I also have a promissory note from the president of the corp who guaranteed money to be paid last year. The pay date is just over one year ago. In the wording he guranteed the money by the corp or himself individually. Is their a time limit for this in florida? Also he is terminally ill and I believe about to file for BK himself. What actions should I take?