Oregon  |  Business Law

Legal Question

Asked on: 10/23/13, 6:22 pm

Is it possible to structure a business loan for purchase of an existing business so that if the business I buy is NOT as represented, i.e., generates far less net earnings, and I default on the loan, I will not lose my home, car and other already existing assets? This has happened to me already. I bought a small business which was far less lucrative than I was led to believe. Fortunately, I did not have a home that could be foreclosed upon to satisfy the business loan, but it was a total sham and I took it in the shorts. I do not want to go through that again. I'm contemplating selling my existing home in Hawaii, moving to Oregon or Washington to purchase another home, and also purchasing a small business. I do NOT want to lose the home if the business does not generate enough to live on and pay off debt service.

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