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It depends what kind of bankruptcy you are talking about. Most individuals file for chapter 7, so I'll assume you are talking about Ch 7. In the vast majority of those cases, the SBA loan is discharged along with all the other unsecured debt.
Many people confuse SBA loans with federally backed student loan debt, and they are not the same. SBA debt is treated just like any other debt in a bankruptcy. The unique feature about SBA debt is that they have a settlement process (known as the Offer In Compromise) that allows borrowers to settle their debt without resorting to bankruptcy.
- Distressed Loan Advisors
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How credit union collect bankruptcy loan that discharged?
If a loan from a credit union has been discharged in bankruptcy court, that credit union cannot collect and must write the loan off.
Can you apply for a student loan after a filing for bankruptcy?
Only if the bankruptcy is currently discharged.
Can a debtor be discharged from a credit union loan which he took out to pay his taxes?
"Discharge" applies to a debt being wiped out by the bankruptcy court. If all the requirements are met and approved by a bankruptcy judge, then yes, a debtor's obligation can be discharged. If the debtor does not file or qualify to be granted a bankruptcy, then No, his debt will not be discharged, or forgiven. It needs to be paid.
Is a discharged debt for hardship or disability considered a bankruptcy?
No, discharged debt is considered a forgiveness of debt and not a bankruptcy. Bankruptcy can only happen as a result of bankruptcy court procedure. Certain loans can be discharged due to hardship or disability, especially if there is an insurance policy in force to cover such a situation. When a loan is forgiven due to hardship or disability, the debtor's credit rating is usually not affected.
Can you get a second mortgage after filing bankruptcy?
Yes, as long as the bankruptcy has been discharged, your credit score is 580+, and you earn enough income to support the additional loan.
Can you include an SBA loan when filing bankruptcy?
Yes
Is a car loan discharged under chapter 7 bankruptcy?
Whether your car loan is discharged by a bankruptcy or not will depend on your state and the equity in your car. Whether the loan will be discharged or not is called an "exemption".
Will bankruptcy remove government loan debt?
Student loans, no. A SBA type loan...probably
How credit union collect bankruptcy loan that discharged?
If a loan from a credit union has been discharged in bankruptcy court, that credit union cannot collect and must write the loan off.
Can you apply for a student loan after a filing for bankruptcy?
Only if the bankruptcy is currently discharged.
Will a car title loan be discharged by filing bankruptcy?
No, only unsecured debt is discharged.
Paying back a discharged loan after chapter 7 bankruptcy?
There is no reason to repay a loan after a discharged bankruptcy, if you have done so, you can reclaim all your money from the creditor (you'll have to go through court).
Can a debtor be discharged from a credit union loan which he took out to pay his taxes?
"Discharge" applies to a debt being wiped out by the bankruptcy court. If all the requirements are met and approved by a bankruptcy judge, then yes, a debtor's obligation can be discharged. If the debtor does not file or qualify to be granted a bankruptcy, then No, his debt will not be discharged, or forgiven. It needs to be paid.
Is a discharged debt for hardship or disability considered a bankruptcy?
No, discharged debt is considered a forgiveness of debt and not a bankruptcy. Bankruptcy can only happen as a result of bankruptcy court procedure. Certain loans can be discharged due to hardship or disability, especially if there is an insurance policy in force to cover such a situation. When a loan is forgiven due to hardship or disability, the debtor's credit rating is usually not affected.
What is statute of limitations on SBA loan default?
What is the statute of limitations for an SBA loan in NC
Can you get a second mortgage after filing bankruptcy?
Yes, as long as the bankruptcy has been discharged, your credit score is 580+, and you earn enough income to support the additional loan.
Can discharged items that were included in a bankruptcy be listed as discharged in bankruptcy on your credit report?
Yes, discharged debts are generally noted as "included in bankruptcy" on a CR.
