Filing for bankruptcy is a significant decision that affects many areas of a person’s life, including their debts. Personal loans are often a source of financial strain, and many wonder whether these loans can be discharged through bankruptcy. The short answer is yes, in many cases, personal loans can be discharged, but there are important … Read more
The Economic Injury Disaster Loan (EIDL) program has helped many small businesses during tough times. But a common concern is whether business owners are personally responsible for repaying the loan. This depends on several factors, including the loan amount, business structure, and personal guarantees.Understanding EIDL loan liability is important before making financial decisions. This guide … Read more
Retirement can be a time to enjoy life and relax, but there are still financial decisions that need to be made. One such decision is whether a retired person can still finance a car. Many retirees face challenges when applying for car loans because they no longer have a steady paycheck from a job. However, … Read more
If you’re a small business owner who applied for an SBA Economic Injury Disaster Loan (EIDL), you’re likely wondering whether you’re personally responsible for repaying the loan. The terms of EIDL loans can vary based on factors like loan amount and ownership percentage. Understanding whether the loan is personally guaranteed or not is crucial, as … Read more
When managing an SBA loan, especially when you’re looking to transition your business or hand it over to someone else, a common question arises: Can you transfer your SBA loan to another person? The process isn’t as simple as transferring a personal loan. It involves several steps and a thorough evaluation by both your lender … Read more
Filing for bankruptcy is a legal way to get a fresh start if you’re overwhelmed by debt. But many people are uncertain about which types of debt, like personal loans, can be discharged. If you’re wondering whether personal loans can be relieved in bankruptcies, you’re not alone. Let’s dive into how personal loans are treated … Read more
Economic Injury Disaster Loans (EIDL) were introduced by the Small Business Administration (SBA) to help businesses that suffered financially due to the COVID-19 pandemic. These loans offered much-needed support for struggling businesses, but many borrowers have questions about the terms and conditions, especially when it comes to personal guarantees.In this blog post, we will explore … Read more
When you are struggling with overwhelming debt, the option of bankruptcy often comes to mind. But one important question remains: Can personal loans be discharged in bankruptcy? Personal loans, which are typically unsecured debts, may be eliminated in bankruptcy under certain circumstances. However, the dischargeability depends on several factors, including the type of bankruptcy filed … Read more
Many people wonder whether a personal loan can help them buy a house. Home prices are rising, and securing a traditional mortgage can be challenging. While personal loans are typically used for smaller expenses like debt consolidation or emergency costs, some home buyers consider them for property purchases.A personal loan might seem like a quick … Read more
Facing financial hardship during Chapter 13 bankruptcy can be stressful. Many people need extra funds to cover emergency expenses, medical bills, or car repairs. However, getting a personal loan while in Chapter 13 is challenging due to strict bankruptcy laws. Courts and trustees must approve any new debt, and lenders may hesitate to provide loans.This … Read more