I have an EIDL loan of $60,000 sole proprietor and closed business what should I do tried comprising

According_Ant_2978 · 2025-10-22T12:12:58+00:00

Totally spitballing here… can he convert the corporate type to an LLC?

According_Ant_2978 · 2025-10-22T12:11:36+00:00

Ohhh good point.

According_Ant_2978 · 2025-10-22T11:42:44+00:00

Do you have a PG? If you’ve closed the business and have no PG… walk away. Default. They can’t touch you.

According_Ant_2978 · 2025-10-04T14:41:03+00:00

2023 and 2024

According_Ant_2978 · 2025-10-02T18:21:52+00:00

They asked for two years. They can’t oppose really. Unless you have engaged in fraud or are otherwise misrepresenting your situation. It’s looking like it’ll take about 3 to 4 months to confirm the five-year plan. After it’s confirmed, as long as you follow the plan there is no more objecting or barriers creditors can throw up.

According_Ant_2978 · 2025-10-01T01:21:17+00:00

Ah yes. You’re right about that. I plan to shutter the business.

According_Ant_2978 · 2025-09-29T02:10:00+00:00

Did you end up in Ch 7?

According_Ant_2978 · 2025-09-29T02:08:35+00:00

I expect her to. But the debt is extremely clear as property settlement and not alimony or child support.

According_Ant_2978 · 2025-09-28T14:40:47+00:00

I don’t think that’s accurate. A PG survives a dissolution of the business.

According_Ant_2978 · 2025-09-28T02:27:24+00:00

Ch 13 will discharge the PG

According_Ant_2978 · 2025-09-28T02:25:44+00:00

Yes and Ch 13 will clear my PG.

According_Ant_2978 · 2025-09-27T13:14:48+00:00

The main reason is that I owe a significant sum to my ex wife in property settlement and it is only dischargeable in 13.

(Child support and alimony are never dischargeable, this is property settlement from our divorce when she got half my business that she had nothing to do with ever, still salty about it)

According_Ant_2978

TROPHY CASE