Bankruptcy Law Questions? Ask a Bankruptcy Lawyer Now.
Did you co-sign the loans?
The loans are secured against your home- correct?
Your home has a mortgage of 80k and a value of 20K or 20K in equity ?
Yes, co-signed SBA loans.
SBA is secured against home.
No equity. If it sold, it might sell for $100K which might give $20K that could go towards the other. One more detail....each business has a SBA loan so there are 3 SBA loans totaling $120K. Each loan is $40K.
Thank you for your question. I am happy to assist you.
Best wishes for a successful outcome. If you have additional questions, please do not hesitate to submit them to me directly.
Thank you, FLAandNYLAWYER
Please hit ACCEPT so that I can get credit for my work
Bonuses and Positive Feedback gratefully accepted!
THIS IS FOR INFORMATION ONLY. NO ATTORNEY-CLIENT RELATIONSHIP EXISTS. PLEASE CONSULT A LAWYER IN YOUR STATE FOR LEGAL ADVICE