u/bbstocker

So, for those who have not gone through the BK procedure and have a remaining PG (personal guarantee) after closing their business, I am wondering what the additional ramifications have been so far. I have seen stories of the Treasury seizing your tax returns or 15% of any other government check, like a social security payment or federal disability payment. I have also heard of the Treasury assigning collection efforts to third party collectors who have filed for wage garnishment collections, also usually around 15%. Has anybody heard of any attempts to start seizing any other borrower assets? Such as a house or bank accounts, etc.? Not that things can't change, but we all need to know what they are actually doing to us borrowers.

In this case the business borrowed a large sum of money in EIDL with personal guarantees and has never missed a payment. However due to the current business environment the business may need to close. If the business owners get the SBA OK and sell or shutter the business and give the SBA any and all money from the sale of assets, is it also required for the owners to declare bankruptcy? Most of the cases I have read here include BK but what if otherwise it wasn't necessary?