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Recent bankruptcy law questions
I'm a business owner and signed a personal guarantee when I
I'm a business owner and signed a personal guarantee when I got a loan for my business. I bought a house a year ago, and recently paid it off. When the house was paid off, mine and my spouses name were on the deed. Recently, I had my name taken off the deed in hopes of protecting my home in case of a future lawsuit or inability to pay off my practice. There is a small chance I go bankrupt before I am able to pay back the loan. I have now read this could one day be considered fraud. I live in a state with an unlimited homestead, which doesn't take effect for 1215 days after the home was purchased. Did I make a mistake? Should I pay to have my name put back on the title?
So I recently found out I'm a guarantor on our biggest
So I recently found out I'm a guarantor on our biggest company debt, which is a leasing account for our trucks. So in other words it wouldn't matter if we filed bankruptcy I would still be a guarantor and be responsible for paying that debt I guess. My question is if I sold all my shares and was no longer a partner in the company could they legally keep me on as a guarantor on this account they would continue to use to lease trucks for the company? How do I get my name off of this account as a guarantor? The original reason this was even necessary is because when we first started the company the company had no credit of course.
I filed chapter 7 bankruptcy in January 2013. Key Bank had
I filed chapter 7 bankruptcy in January 2013.Key Bank had a judgment against me for $55,000 for a credit line.My personal guarantee for the credit line was discharged.Unbeknownst to me Key Bank had filed a judgement lien for this amount also.My bankruptcy attorney is telling me he did not know about the Key Bank judgement lien when he filed our chapter 7 bankruptcy because Key Bank listed the amount as unsecured on their Proof of Claim filing so, he only listed Key Bank as an unsecured debt rather than as a secured debt.My bankruptcy attorney is now telling me that Key Bank can collect on this lien.Is my attorney correct that even after my bankruptcy has been discharged and finalized that now Key Bank can come back against me and collect the lien even though my debt was discharged?
I received a letter from the Department of treasury bureau
I received a letter from the Department of treasury bureau of the fiscal service. They are trying to collect on a debt of $427,697. This appears to be from a personal guarantee on an SBA loan I borrowed in 2001. The business file Chapter 11 bankruptcy in 2006 and submitted a plan of reorganization in 2008. We were in bankruptcy for over two years while fighting a lawsuit against a franchisor that shut us down.This is the first I've heard from the SBA. The stating if I do not pay or respond, they will garnish my wages.There is a list of items that discuss my rights.I am self-employed, and not sure of my downside by calling them.I'm not sure I even have a very specific question other then should my first step be calling them? Also any advice on talking with them?I never did file personal bankruptcy as I did not have enough assets for them to go after.
What is the difference between put up property as collateral
What is the difference between put up property as collateral for a loan vs guaranteeing the loan personally and having the property on the application,as part of my assets , either way the lender can get the propertyIf I default ?
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My company took out a direct lender loan and have depletedView more bankruptcy law questions
My company took out a direct lender loan and have depleted the funds. The business cannot continue and we do not have the money to pay back the loan immediately. Would it be better to file for some kind of bankruptcy or to find a debt settlement company?