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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2875
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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I currently own my own business and am more than likely going

Resolved Question:

I currently own my own business and am more than likely going to be closing within the next 90 days. I have 3 existing SBA loans. If I end up filing bankruptcy, can the bankruptcy include these loans?
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 5 years ago.

Terry L. :

Hi, thanks for your question. You should hire a lawyer for specific legal advice. No attorney client relationship is created here.

Terry L. :

You would list all debts in the bankruptcy case.

Terry L. :

If you are closing the business, and file a personal bankruptcy, the debts should be dischargeable.

Terry L. :

Now, if they are secured by collateral (lien on a home, equipment etc) you would have to pay these to keep the asset

Customer:

Thank you very much for your help. I have called my attorney already today, just impatiently waiting to hear back from him when I was referred to try and get an online answer.

Terry L. :

do you have any questions/

Terry L. :

?

Customer:

no, just that one

Terry L. :

if you do have any further questions, please let me know you can request me. thanks and good luck to you!

Terry L. and 2 other Bankruptcy Law Specialists are ready to help you