Legal Question in Credit and Debt Law in Texas
default judgement ($80,000) associated with SBA loan
Awarded to the lending bank about 5 years ago, and there is lien against my residence property (homestead). Is my only option bankruptcy (if we want sell it, and downsize to a smaller home)? The continued loss of income (since signing a PG for this company/debtor) has drained any savings that we have. Our home is the only asset that have savings (equity in). But, this not enough to settle with them, I not in financial position to be willing to do so, at this time, either.
Any option other than bankruptcy?
1 Answer from Attorneys
Re: default judgement ($80,000) associated with SBA loan
Most lawyers charge little to review cases such as yours. Ifyou are in our area call..but your question is complicated with little facts...bankruptcy is last resort..but from the questions...what are you talking about?
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