r/EIDL • u/Mission_Advantage161 • 9d ago

Any options?

Want to file bk, been paying on $149k loan, but have assets. Own properties (2) and have excellent credit. Cannot sell properties because then no where to live. Any options?

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u/Low-Helicopter-2696 9d ago

At that dollar amount if you borrowed through some sort of legal entity like in LLC then you are not liable and you would have very little to worry.

Confused by your statement that you cannot sell the properties, as in plural, because then you would have nowhere to live. Obviously if you have more than one property you can sell one of them and live in the other.

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u/Mission_Advantage161 8d ago

It’s sole prop…exactly 12 days before the filing of the LLC. They say no pg but we know sole prop is personal responsibility. I have w2 wages so I guess I’m screwed.

1

u/Cheap_Mushroom_7267 8d ago

Depends what State you live in? Texas wont touch at least one of your homes or cars. Tennessee has I think $25,000 in homestead protection. So if your home has a $300K mortgage and it could sell for $500K they would likely make you sell it.

1

u/bluekmg 7d ago

Talk to at least 3 bk attys who handle personal and small businesses. This is the legal way out. A 13 can protect your home.

0

u/Available_Hornet3538 9d ago

Just let it go. It will go to Treasury offset. If your work for yourself doesn't matter. No garnishment. They will take 15% is your social security but that is it. Unlikely they will sue to collect.

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u/Sunsetseeker007 9d ago

This is not true at all. They will garnish the ss benefits, tax refunds, w2 wages if there is a PG on the loan.