What is the name of your state? FLORIDA
We own a business in Florida which has fallen on severely hard times following two devastating hurricane seasons in 2004 and 2005. The business has stopped growing (amount of new business coming is minimal). We continue to amass debt to keep the business afloat and meet our monthly creditor obligations. We have not been able to take any cash out of the business (not even a nominal salary).
We are carrying an SBA loan for $135K and approximately $60K in credit card debt on numerous cards (mostly for monthly vendor bills & other business related expenses). Even though we are incorporated, we have had to personally guarantee the SBA loan and all of the outstanding credit card debt. Because of the negative cash flow and the stagnant past two year sales history, we have not been able to get a broker to list the business for sale.
We are at the point of considering both business and personal bankruptcy as the last option remaining.
Can the SBA loan guarantee be wiped clean with bankruptcy filing? Is there a form of bankruptcy in Florida that will wipe away the entire SBA loan debt?
Lastly, are my home and IRA account protected when filing bankruptcy on Florida?
Any advice will be greatly appreciated.What is the name of your state?