I am a private money lender. Borrower keeps filing bankruptcy

[Alice C.]

Hello experts,

I lent money to a borrower to buy a property in Chicago. But he stopped interest payments after few months and didn't pay anything after loan maturity.  I then engaged an attorney to proceed with foreclosure. He went to file Chapter 13 bankruptcy (Pro Se). But later the bankruptcy was dismissed by the judge.  So, my attorney proceeded with foreclosure, he then hired an attorney to file for another chapter 13 bankruptcy.  He has no money to pay as he has very low income with high debts. However he managed to come out with bogus payment plans to the trustee.  I am trying to get my attorney to file motion to object automatic stay.  Anybody knows what will be my chance to succeed in a case like this - can a borrower keeps filing bankruptcy to avoid foreclosure?

Kindly help.  Thanks much.

[Chris Martin]

I think the more I know, the worse it gets. There is a reason most of us never lend to a human but instead to a company (e.g. LLC). TAKE NOTE all you private lenders or lender wanna-bees. A person can say (pretend or not) 'it's a primary residence'... but that won't work with a company (e.g. LLC). I still don't know enough to post what I thought I would initially post... can you spot the 10 things to NOT do when acting as a private lender? Maybe another post, if I can find the time.