Legal Question in Bankruptcy in California

Bankuptcy

I have a business that is failing and I want to apply for bankruptcy. It was funded through a SBA loan and collateralize by my home. If I go through the bankruptcy process will my home be taken?


Asked on 11/26/08, 5:14 pm

1 Answer from Attorneys
Phillip Lemmons, Esq. Phillip Lemmons APC, Attorneys at Law

Re: Bankuptcy

If the loan was secured by your home, then you may not be able to discharge it through BK without consequences. I'm not sure that you're home would be taken, it depends on your equity and exemptions. You should discuss this with your BK attorney in more detail while evaluating your options.

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Answered on 11/26/08, 5:42 pm


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