Strategic Planning for Loan Default | Making the Best Out of a Bad Situation
If you purchased property or invested in development at the peak of the market you have realized that you are upside down. If you borrowed a significant amount of money for the purchase or development your problem is exponentially worse. You are caught in a downward cycle of decreasing property values, a worsening economy, reduction in income (salary and/or investment) and reduction in savings. The savings you have spent a lifetime building, your retirement accounts and equity in homestead or other assets should not necessarily be used to keep a bad investment on life support.
Daniel Hartman, our law firm's founding attorney, can assist you with realistically evaluating your situation. The current economic climate shows no signs of improving you cannot afford to continue on the path you have followed for the past five (5) years. Your remaining resources are too valuable not to have a plan moving forward under which these resources are expended in a manner that benefits you not just creditors. Alone and as necessary with the assistance of other professional in tax, real estate and/or finance we will develop a plan. The plan will be designed to accomplish the following:
1. Evaluate and separate assets from liabilities
2. Identify and protect exempt assets
3. Enhance Protections on non-exempt assets
4. Understand and prepare for the legal consequences of default on liabilities
Asset Protection and Strategic Default
If you cannot support your debt obligations through personal or business income the long term prospects are bleak. It is not a viable option to continue on the current path. It is not an option to borrow money to make payments on existing debt in the current economic and real estate markets. We will design a plan around the principles outlined above to make the best of a bad situation. You must deal with this problem head on and avoid kicking it down the road, it is a dead end.
We will realistically evaluate exposure to creditors and take a team approach to negotiated settlements with Lenders. There is no free pass in the current environment only calculated risks and rewards. If you borrowed money and wish to avoid Bankruptcy you will pay a price it is my job to assist you in minimizing that price.
An Honest Assessment | Making the Best of a Bad Situation
"When real estate investments go bad, the hardest part for many of my clients involves simply not knowing the best course of action. One of things I bring as a lawyer is my personal experience. I was in real estate investment like many of my clients, and I lost a lot of money on that deal just like you may have. I can tell you what the law says about your situation, and I can also tell you how I personally handled things when I was in your situation." | Daniel W. Hartman
What many people need in this situation is an honest assessment. We use attorney Hartman's experience to give our clients in-depth legal counsel backed with personal experience. We don't want to waste our clients' time and potentially add to their financial burden.
If you have investment property that is driving your bottom line under, contact Hartman Law Firm, P.A. in Tallahassee, Florida, for a free 30-minute consultation.