How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Maverick Your Own Question
Maverick, Attorney
Category: Bankruptcy Law
Satisfied Customers: 5718
Experience:  20 years of professional experience
Type Your Bankruptcy Law Question Here...
Maverick is online now
A new question is answered every 9 seconds

If a loan was signed by a d/b/a with a personal guarantee,

Resolved Question:

If a loan was signed by a d/b/a with a personal guarantee, can is be disolved through bankruptcy chapter 11
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  Maverick replied 6 years ago.

Chapter 11 bankruptcy is for corporations who need to reorganize their debts and occasionallly for very wealthy individuals who have unsecured debts that total more than $336,900.00.



If you are a d/b/a (which usually means that you are operating as a sole proprietor) then the proper BK for you would be a chaper 7 liquidation or a chapter 13 personal reorganization plan.


Under both chapter 7 and chapter 13 there is the possibility of discharging a personal guarantee on a loan. It just depends on what you are trying to accomplish.



Please click "Accept" so that I can get credit for this answer. We can continue our conversation after that at no additional charge.

Maverick and 2 other Bankruptcy Law Specialists are ready to help you