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filed a chapter 7 in 2011. gave up my house my car and all other unsecure debt. have a tanning salon business since 1996. the business has been in a commercial building in which ive owned since 2000. obtained a new loan with fifth third bank in 2004. in 2008 had a new loan in which fifth third did a 5 yr baloon. i pledged a piece of private raw land as collateral to help with the loan.there was also a security aggreement and an assignment of rents attached to the original open end mortgage.i was making payments as i kept the building and bussiness from the bk. until the balloon matured on april 5 2012. fifth third then filed suit on 4-4-12. said i didnt reafirm the loan.didnt know what this meant at the time. so the bk atty. told me to do a 13. couldnt make the high payments, and now as of 5-6 it is in receivership i am days away from losing all that i have left. could there have been a different outcome had i was told to reafirm. i told him that the building is my retirement.
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General Practice Attorney serving Ontonagon, MI
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Robert Peterson, Attorney at Law
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You first asked if you could sue your attorney. The answer is always yes you can, but the real question is whether you can win the lawsuit. To sue an attorney, I would suggest finding an attorney that handles lawsuits against other attorneys and have him/her review your case.
There are too many unknown facts in this case to give an answer in an email. You should sit down with an attorney to discuss these facts. By not reaffirming a loan, the bank could foreclose on the loan. You mention that you kept the building and business from the bankruptcy, this could be bankruptcy fraud if you did not list all your assets and liabilities. You need to discuss this issue with an attorney immediately.
Answered on May 18th, 2014 at 6:42 PM