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What options do we have after our EB-5 project filed for bankruptcy?

Our EB-5 just got approved and we filed for our conditional green cards. We will file for our I-829 in about 2.5 years. However, our hotel investment is filing for chapter 11 so what options do we have to secure our I-829 and remove our conditions? Can the regional center help with securing a conditional green card?

Answers

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    Lynne Feldman

    Immigration Attorney
    Answered on

    Chapter 11 is not a complete bankruptcy so you may be OK; you need counsel to review details more specific to your case.

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    Fredrick W Voigtmann

    Immigration Attorney
    Answered on

    You will need your own EB-5 immigration attorney to represent you in the I-829 filing and in gathering the data and documents, monitoring the Chapter 11 proceedings, and advising you on your options/rights during the next two years. Since Chapter 11 is a reorganization, it might be possible for the project to be salvaged and still meet the job creation estimates. It will be important to stay in contact with the regional center and its team so that you and your attorney have the most up-to-date information about the progress of the reorganization and the restructuring of the project''s debts.

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    Belma Demirovic Chinchoy

    Immigration Attorney
    Answered on

    A bankruptcy filing of a project does not necessarily mean your I-829 is in jeopardy, though your investment capital may be. And yes, the regional center is supposed to coordinate all documents you need for the successful I-829 filing.

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    Bernard P Wolfsdorf

    Immigration Attorney
    Answered on

    If you have already landed with a conditional green card, bankruptcy is not an issue, provided the jobs have been created, and the company and bankruptcy trustee agree to help with the filings. The critical issue is whether sufficient jobs have been created and where you are in the job allocation line.