Hi - my name is XXXXX XXX I'm a Bankruptcy attorney here to assist you.
Was the SBA loan included in your Bankruptcy?
Also, were you personally liable for this loan, or was the corporation only responsible for the loan?
No The loan was not included in my bankrupct. The company was shut down and the SBA wrote off the loan.
I'm not sure if I was a personally liable for the loan. But they did not do anything to my partner when the company was shut down. I kept this policy only to think I asigned it to my two kids.
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).