u/Intelligent_Page_339

▲ 6 r/EIDL

37,000 SBA, personally guaranteed on a business no longer operating

At this point, I’m just looking for advice on what everyone has done in these types of situations. This is completely uncharted territory, so we own a restaurant we still owe $37,000 left on the Loan. We had to close the business down from basically bleeding money going more negative basically cut our losses there. I’m trying to find lawyers to figure out the best solution. I’m just curious on what everyone else has done in this situation like I said it’s personally guaranteed so I’m just trying to protect my house my car as much personal assets as I can. Any help on this would be great I feel like finding the right lawyer could make a big difference in how this turns out.

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u/Intelligent_Page_339 — 8 days ago