Filed ch7 March 16. I have an SBA loan ($80k still owing) for a retail biz which I closed August 09, the bank has since attached a lien for $80k as third mortgagee on my house, which I am surrendering in the BK. My wife is signed as a guarantor on the loan, although she is not filing bk. Anyone know what other action the bank may take? Any idea how to find out if I or my wife are "released from liability"? We really want to get on with our lives without this hanging over us forever. Thanks in advance for any insight into this! By the way, the house has no equity.
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You filing Bk will release you from any liability of this debt, mtg and SBA both. However your wife is going to continue to be liable for the debts, depending on state law. So what state do your reside? Does your state premit def judg following foreclosure?
Also is your wife collectible? Assets, income, future inheritence, etc? If so, there could be consequences, pending which state you reside. -
We live in Nevada, there is a three month period after foreclosures for the bank to obtain a deficiency judgement. The house is in my name, though, I purchased before we were married. My wife is a guarantor on the business loan. We dont have any assets, she has $40k/yr income. I am mainly wanting to find out what the bank might do to collect on the biz loan(SBA) if anything, and how I might find out if they ever release us from liability for the loan, since it is guaranteed by SBA. I also want this to stop consuming my thoughts all day!
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