Finally discharged — $207K SBA EIDL included in my Chapter 7 non-consumer bankruptcy 🙏🏻
Yesterday, I finally received my discharge from my Chapter 7 non-consumer bankruptcy.
I wanted to share my experience because I know there are many small business owners with EIDL loans who are scared and wondering what will happen.
My SBA EIDL loan was $207,000, and my business had no assets of significant value. In addition to the SBA loan, I had other business loans, business and personal credit cards, and other business debt.
It took me almost a year from the time I started dealing with everything and preparing for bankruptcy until I finally reached this day.
I was able to keep my house and both of my cars. Nobody from the SBA or any of my other creditors showed up at my 341 meeting. My trustee asked some basic questions, and the entire bankruptcy process ended up being much smoother and simpler than I had imagined.
Yesterday, I finally got my discharge. 🙏🏻
I’m sharing this because I know how stressful having a large EIDL loan and struggling business debt can be. I spent so much time worrying about what could happen. If you are going through something similar, talk to a good bankruptcy attorney, be completely honest about your finances and assets, and understand that every case is different.
For me, Chapter 7 non-consumer bankruptcy gave me the opportunity to finally close this chapter and start over. ❤️