Lost my lease, SBA loan on the business still outstanding. Have another business...can I save the other business?

Asked about 4 years ago - Seattle, WA

I just lost my lease on a mini market I own and I still owe over 200,000 dollars on an SBA loan for the business. I have another store which still makes money I'd like to keep, but I can't afford both loans with the money I make with the other store. Is there any feasible way I can keep the store that makes money and do something about the SBA loan on the other? Any advice is appreciated.

Attorney answers (1)

  1. Jacob D DeGraaff

    Contributor Level 11

    Answered . The answer is: It depends. Are your businesses incorporated? If so, are they separate corporations? In any case, you should consult with a bankruptcy attorney who is experienced in business cases. Depending on your total debt and assets (business and otherwise) chapters 11 or 13 may be options for you. At this point (with as little as I know from your question) I would say to have hope - there may be a way to save your store.

Can't find what you're looking for? Ask a Lawyer

Get free answers from experienced attorneys.

 

Ask now

26,398 answers this week

2,905 attorneys answering

Ask a Lawyer

Get answers from top-rated lawyers.

  • It's FREE
  • It's easy
  • It's anonymous

26,398 answers this week

2,905 attorneys answering

Legal Dictionary

Don't speak legalese? We define thousands of terms in plain English.

Browse our legal dictionary