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Was the SBA loan personally guaranteed?
So far, My bank and CPA said there was no personal guarantee because we are a C corp. But I am still skeptical and afraid that there could be something hidden. I rather err on the side of personal just in case. Now if I find that there was no personal guarantee signed then what? I keep looking at the contract and don't see anything that says personal. Maybe that is why I feel skeptical? I don't see it anywhere.
If you did not personally guarantee the loan (and this is not unusual for SBA loans), the lender can only attempt to collect the money from the company, not from you. This means they cannot place a lien on your home, or on anything else that you own.
In fact, since you did not personally guarantee the loan, you cannot include the loan in a personal Bankruptcy, and if the business has no assets, and if you are planning on closing the business, there would be no reason to file a business Bankruptcy.
I think this is what you wanted to know. If not, please let me know.Thank you!