So I just received a Notice of bankruptcy.

Hello,I very often see "Suggestion of Bankruptcies" in foreclosure case dockets.

What happens after that will depends on which of you has more reachable assets or, in case neither of you do, the bankruptcy law.  

I have only been successful at finding attornrys who try to stop foreclosures using bankruptcy.

If we were to become subject to a bankruptcy or similar proceeding, the recovery, if any, of a holder of a Note may be substantially delayed in time and may be substantially less in amount than the principal and interest due and to become due on the Note.

If your seller files bankruptcy, the Trustee will probably seek to have your interest subordinated or invalidated. 

Remember, they can always refer themselves😊Now, make it a goal to call at least 5-10 of these people EVERY day and ask a MAX OF THREE off the list below of who they know that:Just inherited a homeHad a loved one pass awayIs behind on their mortgage or tax paymentsHas a relative that can’t take care of their house anymoreHas a house they’re having trouble sellingIs facing bankruptcyKnows a probate attorneyKnows a bankruptcy attorneyetcWhy only three off the list per contact?

What are you going to do when your sellers begin declaring bankruptcy? 

You still have to wait 120 days from the first missed payment to file than another 60 days for proceedings,(Dodd Frank) minimum, if the borrower files a bankruptcy in that time frame everything stops immediately until the bankruptcy is ruled on.   

Additionally in the event of a default or bankruptcy, how comfortable are you hiring an attorney to represent you and the other stockholders in the bankruptcy process that can take years?