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- Feb 1, 2009
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That s not how bankruptcy works. What you owe will be sold at firesale prices in order to satisfy the creditors quickly. Creditors will not be asked to accept repayment in kind.
If a person doesn't pay property taxes and their house is sold at a sheriff's sale, usually the bank that has the loan buys it at the auction if it sells for a low price. Then they resell it. It's the only way they can recoup the maximum amount on the loan.
I don't know how Red Lobster's locations are owned. Are there franchised restaurants that aren't owned by the corporation? I knew the people that had the local Wendy's franchise owned their 3 stores. When Wendy's wanted them to build 3 new stores in the new design to renew their franchise agreement, they decided it wasn't economically viable so they shut down, sold the properties and retired. Wendy's couldn't find anyone willing to purchase a franchise in the area so they built a corporately owned restaurant. The service is terrible and slow.