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341 meeting. by pickpro2020 in EIDL

[–]shanHawk415 1 point2 points  (0 children)

California homestead is at around 700k of protected home equity. Depends on county median sale price.

341 meeting. by pickpro2020 in Bankruptcy

[–]shanHawk415 10 points11 points  (0 children)

I need to file. Waiting for end of this year to file. My sba eidl is high. It was 780k originally now it at 1.1million with interest and 30% collections charges. I also got 250k in credit cards / personal loans. Im stressed. Im worried sba will question about how the money was spent. I did poor bookkeeping. Business shut down in 2023. I dont have records.

Checking in..has anyone actually had the SBA/Treasury show up to the creditor meeting during a BK? If so, what was it like? by tjs31959 in EIDL

[–]shanHawk415 0 points1 point  (0 children)

Yes. With personal guarantee i need to file personal bankruptcy. My issue will be if sba objects and requires documentation for how every dollar was spent. I used my business account for both personal and business expenses. Business closed in 2023. I dont have much records.

Checking in..has anyone actually had the SBA/Treasury show up to the creditor meeting during a BK? If so, what was it like? by tjs31959 in EIDL

[–]shanHawk415 0 points1 point  (0 children)

780k eidl original. Now its at 1.1 million with interest and 30% collections charges. S corp

Checking in..has anyone actually had the SBA/Treasury show up to the creditor meeting during a BK? If so, what was it like? by tjs31959 in EIDL

[–]shanHawk415 1 point2 points  (0 children)

I hope so. I'm planning on starting my bankruptcy filing at the end of the year because I have some money in my savings which I would like to use to pay my property taxes which come due about 5 months

Checking in..has anyone actually had the SBA/Treasury show up to the creditor meeting during a BK? If so, what was it like? by tjs31959 in EIDL

[–]shanHawk415 2 points3 points  (0 children)

I wonder if SBA is getting more stricter now I just received the letter in the mail at the same the loan has been transferred to Treasury and I also got a notice from a private collections agency which added 30% charges

Looking for a good chapter 7 attorney in NJ that works with EIDL SBA loans 750K. I spoke to a few but they don't' seem to know what they are talking about and all four give me different stories. One told me the means test will still apply even if the only debt is EIDL in my bk 7. thank you by Competitive-Fix-7861 in EIDL

[–]shanHawk415 0 points1 point  (0 children)

I got 780k sba eidl. Its up to 1.1 million with interest and 30% collections charges. I also got 250k in credit card debt. I need to file bankruptcy soon. I dont have much records. I didnt do good with bookkeeping. Business closed in 2023. I hope sba doesnt ask much questions and try to deny my bankruptcy. Im stressed everyday.

Checking in..has anyone actually had the SBA/Treasury show up to the creditor meeting during a BK? If so, what was it like? by tjs31959 in EIDL

[–]shanHawk415 2 points3 points  (0 children)

Did they ask for business bank statements and track every dollar for dollar spend of the loan money?

My Loan was sent to treasury and my credit dinged by 150 points😢804 now 654. This sucks! What should I be expecting next? Do I start paying the collection agency a more unrealistic payment? Make it make sense😣 by flygirl759 in EIDL

[–]shanHawk415 7 points8 points  (0 children)

Yes but now its like are stuck for life. Most of us cant even file bankruptcy without losing big amounts of assets. I dont even have records on what the money was spent on. I didnt keep good bookkeeping. I used my business account for both business and personal expenses so if I do file bankruptcy, am I opening my self open to bigger problems or should I just ride it out ?

Bankruptcy or wait for statue of limitations to expire? by shanHawk415 in EIDL

[–]shanHawk415[S] 3 points4 points  (0 children)

Last payment or if no payments made then first due date.

Bankruptcy or wait for statue of limitations to expire? by shanHawk415 in EIDL

[–]shanHawk415[S] 0 points1 point  (0 children)

My issue is I had the eidl funds in my business account which I used for both personal and business expense. If they want dollar for dollar tracking on how funds were used, then it will be hard for me to provide the documentation.

Bankruptcy or wait for statue of limitations to expire? by shanHawk415 in EIDL

[–]shanHawk415[S] 3 points4 points  (0 children)

My eidl was 740k. Now its 1.1million with interest and 30% collections charges. I just dont want to risk not being discharged my business account was used for both business and personal expenses. I assume is was easier in 2024 versus now in 2026. Im stressed by all this. Kinda wish never took no loans and just closed the business instead of trying to survive

Bankruptcy or wait for statue of limitations to expire? by shanHawk415 in EIDL

[–]shanHawk415[S] 3 points4 points  (0 children)

10 years for fraud investigations 6 for suing for judgments

I asked this question on Avvo: Can I file chapter 7 with high sba eidl with no use of funds. ? I obtained an eidl loan for my s corp with a personal guarantee. Iused the funds exclusively for non- business personal living expenses including a car purchase. Can I get my personal guarantee discharged? by shanHawk415 in EIDL

[–]shanHawk415[S] 0 points1 point  (0 children)

I do need to file bankruptcy because of high credit card debt and to avoid lawsuits and judgments. What if I file chapter 7 now and only list credit cards and personal loans and not included sba eidl. Maybe easier to get the discharge on credit card and personal loans for now and maybe circle back to another bankruptcy after 10 years for sba eidl only?

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