SBA loan in Chapter 7

[mortgageguy]

Minnesota,


What happens with an unsecured SBA LOC in Chapter 7. Can they take my clients house?

 

[ihatearizona]

Who is filing? The Business or your client (personal BK)?

 

[ihatearizona]

Also: Here's the Homestead exemption for MN:

Real property, mobile home or manufactured home to $200,000 or, if the homestead is used primarily for agricultural purposes, $500,000; cannot exceed ½ acre in city or 160 acres elsewhere

 

[mortgageguy]

My client sold the business but assumed responsibility for the sba loan as he had personally guaranteed it, and assumed it as part of the sale. He now is in trouble and is considering chapter 7.