Michigan Bankruptcy Blog

Can I Discharge an SBA Loan in Bankruptcy?

Can I Discharge an SBA Loan in Bankruptcy?

Discharge an SBA Loan in Bankruptcy Like Any Other Unsecured Debt [caption id="attachment_2956" align="aligncenter" width="300"] Image by Lothar1976, courtesy of Wikimedia Commons[/caption] SBA Loans: Not Excepted from Discharge by The Bankruptcy Code Unless a debt is one of the specific types of debt specifically excepted from the Chapter 7 or Chapter 13 bankruptcy discharge by Section 523 of The Bankruptcy Code (the Federal law governing the bankruptcy process in the U.S.), it is dischargeable. Among the non-dischargeable debts ...

Posted on October 13th, 2014 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

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Business Debt and the Chapter 7 Means Test

Business Debt in Chapter 7 Bankruptcy: Consumer vs. Non-Consumer Chapter 7 Non-Consumer Chapter 7 Bankruptcy Cases: No Means Test Required! There are some significant advantages in Chapter 7 Bankruptcy to having "mostly" business or non-consumer debt. Chief among them is the waiving of the requirement of passing the Chapter 7 Means Test for Chapter 7 eligibility. The Means Test is the eligibility standard for Chapter 7 bankruptcy for consumer cases—and consumer cases alone. What the Means Test does is ...

Posted on May 13th, 2013 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

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What Is the Value of a Small Business in Bankruptcy?

What Is the Value of a Small Business in Chapter 7 or Chapter 13 Bankruptcy?   The Value of a Small Business in Bankruptcy: Assets v. Liabilities A business owned by an individual filing for bankruptcy is property that must be valued, listed, and exempted (protected) in the bankruptcy the same as any other piece of property owned by that individual. If the business is incorporated, it is a separate legal entity that may or may not be ...

Posted on March 23rd, 2013 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

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Business Debts in Bankruptcy: Can They Be Discharged with Chapter 7 or Chapter 13?

Business Debts in Bankruptcy: Mostly Dischargeable in Chapter 7 or Chapter 13 Bankruptcy Business debts in bankruptcy are treated, with a few exceptions, like any other kind of secured or unsecured debt. That is, if unsecured (no collateral attached to the debt), it will be discharged entirely in a Chapter 7 bankruptcy or repaid to the same percentage extent as any other unsecured debt in a Chapter 13 bankruptcy. If secured (collateral attached to the debt), ...

Posted on December 17th, 2012 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

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