Sba Loan

[Brookson]

Hi,

I am a CA resident with a Idaho S corp that has no debts except a SBA loan personally guaranteed by me with no other collateral as security. The business has not made any money in years and I have exhausted my other resourcesand cannot make the payments. is it possible to relieve this debt through a bankruptcy if so a business or personal or both? thanks for your response

[Ealhdun]

You can discharge the debt you personally guaranteed by filing a personal bankruptcy.  The corporation can discharge its debt only in a chapter 11 case.  To see more on business vs. personal bankruptcy cases, visit http://www.bklaw.com/business_bankruptcy.html

I just fixed the link above which previously wasn't working.