after bankruptcy personal loans
Homestead and Personal Guarantees on Loans?
Hey guys. I have a question that I can’t find an answer to. I had to use a personal guarantee on an SBA loan. If I declare business bankruptcy, can they come after my house if I got it homesteaded? Our state( Nevada) has a $125000 exemption and we don’t have that much equity in it. I would appreciate everyone’s advice. Thank you
A homestead exemption is the amount of equity that you are allowed to keep if you file bankruptcy. Unless there enough equity in your home to pay all all the liens, pay you the exemption, pay the costs of sale and have something left over for the creditors, you should be able to keep your home. Bankruptcy does not discharge security debt like a house loan, so you must keep making the payments in order to keep the house.
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Credit After Bankruptcy: A Step-By-Step Action Plan to Quick and Lasting Recovery after Personal Bankruptcy $2.84 A step-by-step action plan to quick and lasting recovery after personal bankruptcy. Indexed…. |
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