[CLBS] Loan secured 10 times over - can he reaffirm?

[William J. O'Connor]

Listmates:

I have a unique scenario.  Client is self-employed as a sole proprietor.  He has one loan for approximately $230,000 that secures his home on two lots, three additional lots that contain his business's building, and four automobiles.  Approximate values are as follows:

Home on 2 lots:  				$80,000
Business building and its 3 lots:		$125,000
2003 Dodge Pickup:				$14,000
1997 Dodge Pickup:				$1000
2004 Harley:					$7000
2008 Harley:					$12,000

Total Secured property value:   		$239,000

Bank tells client that it is willing to allow him to keep all property securing his loans if he reaffirms.

He owes about $2000 in back property taxes, several consumer debts in his ex-wife's name that he was assigned during the divorce b/c he thought he was going to get a lucrative business contract but it fell through, and some other consumer debts that I'm not concerned about.

He would be filing as single.  If he files a Chapter 7, can he keep all of the assets tied to the $230,000 loan as collateral if he reaffirms the entire debt?

If not, any ideas for the best course of action for this client?  


William J. O'Connor
O'Connor Law, PLLC
355 West Myrtle Street 
Suite 100
Boise, ID 83702

Office:  208-344-5095
Fax: 208-424-3100