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We opened a business in 2008 with an SBA loan. The business is a PLLC but my partner had to put her house up as collateral. The market fell out in 2008 as did the economy. Our building the business is in is not worth what we paid for it. We are having trouble making mortgage payments each month. Can we declare business bankruptcy and save her house? is there a way to remedy this? I asked the bank to refinance and they told me that they were not refinancing SBA loans. I don't know what to do to save the business or her house at this point in time.
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Anything is possible. Your partner needs to consults with an attorney who specializes in consumer debtor-creditor and insolvency law. Most consumer bankruptcy attorneys have this expertise. Do her a favor and get her to an attorney immediately.
Answered on Nov 05th, 2012 at 12:00 AM