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Category: Bankruptcy Law
Satisfied Customers: 17252
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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My husband and I took out an SBA loan approx 5 years ago.

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My husband and I took out an SBA loan approx 5 years ago. We already had a 1st and 2nd mortgage on our primary residence but part of the SBA terms were to put a "silent" 3rd on our home. Our business is not doing well and we're trying to weigh our options. In the interim my Mother passed away and had several pieces of property that she left to my siblings and me. Are these properties (or my share of them) at risk?

Thank you!
are you liable for the loans also?
Customer: replied 7 years ago.

Which loans?

1st and 2nd mortgages on home--yes

SBA loan we are personal guarantors, I believe

Mom's properties--no loans



the loans in your name if not paid could sue you and get a judgment against you, they could attah your interest in the inherited property if you put them in your name, I would suggest putting your share in a trust or corp, where creditors cannot get them
Customer: replied 7 years ago.

One more question...if I transferred those properties into a trust now would I have to wait a certain amount of time before I filed for B/K (is there any type of "look back" period)?


Thank you!

the trustee can look back one year, however, when you file the trustee will ask you if you ever inherited anything you would have to answer truthfully. My suggestion is for a corp and put your personal assets into them and let the creditors sue you personally, your corp assets will be protected. The inheritance in a corp or trust will be protected from creditors also.
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