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
2007-02-22 08:35:53 · 4 answers · asked by Anonymous in Business & Finance ➔ Small Business
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.
2007-02-25 11:08:18 · answer #1 · answered by Carl 7 · 0⤊ 0⤋
1
2016-09-28 11:05:00 · answer #2 · answered by Laverne 3 · 0⤊ 0⤋
Your idea is a good option provided you do it in a legal manner if possible. Better get a expert legal opinion in this matter.
2007-02-22 08:41:17 · answer #3 · answered by cabridog 4 · 0⤊ 0⤋
You get to keep your house, clothing, cars, personal belongings. Everything else goes to pay the piper(s.)
2007-02-22 08:50:29 · answer #4 · answered by Scott K 7 · 0⤊ 0⤋