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Ask Terry L. Your Own Question
Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2597
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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I hit enter before my question was finished. What we want

Customer Question

I hit enter before my question was finished. What we want to know is what options other that Chapter 13 Bankruptcy are open to us. Can the SBA attach our home. We have a $145,000.00 mortgage and loans in excess of $76,000.00 with the SBA also a line of credit overdue with Whitney Bank, New Orleans.
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  TJ, Esq. replied 7 years ago.
Hello and thank you for allowing me the opportunity to assist you.

How much is your house worth? Depending on how much equity you have, you may be able to keep the house even if you file for Chapter 7 rather than 13.

Also, can you be more specific about your debt to SBA? What kind of debt is it? Is it owed to the government?