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Bankruptcy Question


Monica852
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I would like to file chapter 7 and need to know if I can file an SBA loan under it since it is a government loan. This SBA Loan from 2003 has gone into default. I received this loan as a result of a disaster. At that time I was staying in an apartment and had a lot of damage. I now have a home and I'm unable to repay this loan. The amount of the loan is 5000.00. I also have others medical debts that I would like include in this.

I live in Memphis, Tenn. Can I include this in chapter 7 or will I have to file Chapter 13.

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Yes, you should be able to include the loan, but you need to consult with a BK lawyer to be certain there are no problems getting an SBA loan discharged. If you're under the median income level for TN, you can probably file CH 7, regardless of that loan.

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