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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2862
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: 4 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 4 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 other Bankruptcy Law Specialists are ready to help you