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The 250k was buildout, start up cost, equipment, ect. I am in the process of a chapter 13. The collateral equipment was appraised at 26k. Considering it is a secured debt I would have to pay the full value of the equipment being 26k, right?
I need the equipment to support myself, but wouldn't be able to afford the full payment of the 250k....it's just a big mess :-(
For some reason it seems like only a portion of the loan was secured by sba (60k)