Can you declare bankruptcy on a Small Business Administration (SBA) loan?
While the common perception is that you cannot discharge government loans in bankruptcy, in reality, many such loans can be discharged in bankruptcy. The Small Business Administration (SBA) does not directly make loans; rather, it guarantees at least a portion of the loans, which reduces the risk of liability should the loan go into default. Therefore, SBA loans are dischargeable in bankruptcy proceedings.
Other Bankruptcy Lawyer FAQs
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Where Can I Get Advice About Bankruptcy?
A: The best course of action is to schedule an appointment with an attorney who practices within the area of bankruptcy. Many attorneys provide an initial consultation … More -
Q:
How do I make a motion for judgment to be marked as satisfied in bankruptcy court?
A: The only way to remove a judgment against you in court records is to either pay off, or satisfy, the judgment, or to have the judgment discharged through bankruptcy … More -
Q:
What is a bankruptcy motion for reconsideration and how do I write one?
A: A motion for reconsideration asks the bankruptcy court to reinstate a bankruptcy case thathas been dismissed for one reason or another. In your motion, you … More -
Q:
How much does a bankruptcy lawyer charge?
A: A bankruptcy lawyer’s fees can vary depending on the type of bankruptcy filed, and the complexity of the case. Furthermore, whereas a simple Chapter 7 … More
