QUESTION
Can I just hand over the business and walk away without further penalties?
Asked on May 28th, 2013 on Bankruptcy - Arizona
More details to this question:
I bought a business with Small Business Administration loan and seller financing. I'll have to come to some payment deal with the Small Business Administration loan (bank), but what about the seller financing? (FYI - seller financing is secured by business)
2 ANSWERS
Debt Collection Attorney serving Chicago, IL
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Edelman, Combs, Latturner & Goodwin, LLC
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It is a debt like any other; you owe it and the creditor can either sue you or repossess the collateral.
Answered on May 28th, 2013 at 3:42 PM
Bankruptcy Attorney serving Phoenix, AZ
at
Law Office of D. L. Drain, P.A.
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Probably not. Most likely you personally guaranteed the debt.
Answered on May 28th, 2013 at 3:16 PM