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I filed chap 11 bankruptcy in Alabama in 2007. One of the
I filed chap 11 bankruptcy in Alabama in 2007. One of the creditors (SBA) was included,with collateral being a 2nd mortgage on our business property. For over two years the court award was paid as agr… read more
socrateaser
socrateaser
35,671 satisfied customers
I filed for personal bankruptcy chapter 7 in 2007 and received
I filed for personal bankruptcy chapter 7 in 2007 and received a discharge in 2008. Included was a loan guaranteed by the SBA. I am now attempting to get an FHA guaranteed mortgage, and the SBA contin… read more
JBaxLaw
JBaxLaw
Attorney
Doctoral Degree
8,080 satisfied customers
Under Chapter 11, can sba loan be restructured? We owe 6 years
Under Chapter 11, can sba loan be restructured? We owe 6 years need to move to 10 years as sales dropped 20% due to competition… read more
wallstreetfighter
wallstreetfighter
Attorney
Doctoral Degree
11,809 satisfied customers
Hi. I financed a mortgage for 20,000 several years ago in Buffalo
Hi. I financed a mortgage for 20,000 several years ago in Buffalo New York. The balance owed is now approximately $9000. The borrowers took out an SBA disaster loan at the time of Katrina when they li… read more
cfortunato
cfortunato
J.D.
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My husband and I had a business for which we got an SBA 7a
My husband and I had a business for which we got an SBA 7a loan of over $400,000. The loan was in the name of the business but the bank that did the loan through the SBA placed liens on everything we … read more
Law Pro
Law Pro
Doctoral Degree
19,000 satisfied customers
Good Day. I may have to file for Chapter 7. Have done everything
Good Day. I may have to file for Chapter 7. Have done everything under the sun possible to attempt to prevent, since I am permanently medically disabled. Prior had excellent credit all my life. Under … read more
Ellen
Ellen
Attorney
Doctoral Degree
21,737 satisfied customers
I have a question about not being able to pay on my SBA loan
I have a question about not being able to pay on my SBA loan because of a slow down in my business. The business is a C-CORP I wonder if we can default and not file chapter 7?or will they come after m… read more
cfortunato
cfortunato
J.D.
7,967 satisfied customers
I own a struggling convenience store and am behind 6 months
I own a struggling convenience store and am behind 6 months on rent. I heard they might serve me eviction papers tomorrow and also file a lien on my inventory. Wondering what are my options? How long … read more
Ellen
Ellen
Attorney
Doctoral Degree
21,737 satisfied customers
My personal chapter 13 bankruptcy was, on 2/9/11, Order Discharged
My personal chapter 13 bankruptcy was, on 2/9/11, "Order Discharged After Completion of Chapter 13 Plan" and is just now showing on a business credit report for a small business I am a partner in. I b… read more
Phillips Esq.
Phillips Esq.
Attorney
JD
21,332 satisfied customers
I completed and my chapter 13 case was discharged on 1/5/2011.
I completed and my chapter 13 case was discharged on 1/5/2011. I contacted Bank of America to find out how to proceed with my regular payments starting in February 2011. I have a 1st mortgage and home… read more
cfortunato
cfortunato
J.D.
7,967 satisfied customers
my chapter 7 petition was recently discharged!!i have a first
my chapter 7 petition was recently discharged!!i have a first mortgage with citi a second lien for an sba loan a third by citi and a fourth lien for another sba totaling 1,050,000 my hpuse is worth 59… read more
wallstreetfighter
wallstreetfighter
Attorney
Doctoral Degree
11,809 satisfied customers
We own a small retail store and are forced to close. All of
We own a small retail store and are forced to close. All of the debt and the lease were personally guaranteed by us. We are debating on bankruptcy, but that is our last resort. Situation: * Owe $110,0… read more
Maverick
Maverick
Doctoral Degree
6,889 satisfied customers
I have an SBA loan for a business that closed in 2006. I have
I have an SBA loan for a business that closed in 2006. I have paid for loan without interruption. However in 8/2009 I was laid off while on maternity leave. On unemployment and have exhausted all asse… read more
Terry L.
Terry L.
Attorney
Doctoral Degree
2,780 satisfied customers
After Hurricane Katrina, we moved to Florida and received an
After Hurricane Katrina, we moved to Florida and received an SBA Disaster Loan for $230K. Of that $200K was for the new home and $30K was for replacing content (furniture, curtains, etc.). The home we… read more
Terry L.
Terry L.
Attorney
Doctoral Degree
2,780 satisfied customers
in 2003, we took out an sba loan on a business that was a slam
in 2003, we took out an sba loan on a business that was a "slam dunk" as we were purchasing a service contract to run a corporate cafeteria in a building where 1200 ppl worked for a large company on i… read more
wallstreetfighter
wallstreetfighter
Attorney
Doctoral Degree
11,809 satisfied customers
My business associate has an SBA loan which is secured by his
My business associate has an SBA loan which is secured by his business (sole prop) and by a lien on his home. His home is worth approx 600K with 400K 1st mtg and 250K SBA lien. My question is: If he f… read more
socrateaser
socrateaser
35,671 satisfied customers
My family and I borrowed money from the SBA and our local bank
My family and I borrowed money from the SBA and our local bank in 2003 to open a restaurant. We ended up closing the restaurant in 2006 and paying all vendors off with our personal money. We were left… read more
Terry L.
Terry L.
Attorney
Doctoral Degree
2,780 satisfied customers
Due to death of my husband, I ended up with ownership of 3
Due to death of my husband, I ended up with ownership of 3 companies in Florida. With no business coming in, I need to end. Bankruptcy has been suggested as all three are corportions. THe businesses h… read more
Ellen
Ellen
Attorney
Doctoral Degree
21,737 satisfied customers

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Meet the Experts:

Terry L.

Terry L.

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JoeLawyer

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A.J.

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Fritz

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Law Girl

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I am an attorney.

Paul K, Esq.

Paul K, Esq.

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10 years Exp., Great customer service, Prompt responses.

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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).

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