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Ask WALLSTREETESQ Your Own Question
Category: Bankruptcy Law
Satisfied Customers: 17080
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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My collateral no longer exists on my SBA loan that is currently

Customer Question

My collateral no longer exists on my SBA loan that is currently in default. I owe roughly 49k. What will happen now that it has been turned over to an atty? My husband & I are both on the loan as guarantors. The original collateral (i.e. house, stocks, etc are gone) Thanks
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 7 years ago.
the sba will begin trying to settle the debt with you, if you cannot the will sue you and your husband for the amount and obtain a judgment, which they could freeze accounts, and begin wage garnishment.

A bankruptcy if filed would discharge the debt.