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Maverick, Attorney
Category: Bankruptcy Law
Satisfied Customers: 6423
Experience:  20 years of professional experience
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If a loan was signed by a d/b/a with a personal guarantee,

Resolved Question:

If a loan was signed by a d/b/a with a personal guarantee, can is be disolved through bankruptcy chapter 11
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  Maverick replied 7 years ago.

Chapter 11 bankruptcy is for corporations who need to reorganize their debts and occasionallly for very wealthy individuals who have unsecured debts that total more than $336,900.00.



If you are a d/b/a (which usually means that you are operating as a sole proprietor) then the proper BK for you would be a chaper 7 liquidation or a chapter 13 personal reorganization plan.


Under both chapter 7 and chapter 13 there is the possibility of discharging a personal guarantee on a loan. It just depends on what you are trying to accomplish.



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