bankruptcy guarantor
What happens if I default on a SBA business loan?
I own a business in Texas and I can no longer afford to make the monthly loan payments. The loan was issued by a local bank and its a SBA loan. I am one of four people who is a “guarantor”. What does this all mean? Can the bank come after my personal assets? What assets, if any? Who do they go after first? Would it help if I file for personal/business bankruptcy? Please I need some answers and I will of course consult a legal professional, but I wanted the Yahoo Answer’s community feedback as well. This is a serious matter, so please make sure your answers are serious as well. Thanks in advance for all answers.
Read your loan documents. They have you sewn up tight as a drum.
Frankly, it is hard to imagine that someone sophisticated enough to actually GET an SBA loan does not already know this.
As for your assets, they will go after the most valuable first, and I hope they get them fast, because those are my tax dollars you are playing with!
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