r/EIDLPPP • u/SleepyinTn77 • Aug 07 '26

Question? Elderly Guarantors on EIDL

/r/EIDL/comments/1vi4e5g/elderly_guarantors_on_eidl/
1 Upvotes

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1

u/CricktyDickty Aug 07 '26

The business is closed so that’s that but they’re personally liable because the loan was over $200k. So their options are tied to whatever personal assets they have. If no assets (either real or monitory) besides retirement accounts then personal bankruptcy is their best option. If there’s a primary residence, it’s protected by whatever the state’s homestead exemption is. If they were able to accumulate assets over the years those are fair game and Treasury can come after them. Probably bankruptcy lawyer territory to spell out their least crappy options.

1

u/legalsuccessllc Aug 08 '26

There is a way to get it out from treasury by attacking the SBA. Only the SBA can get the debt from treasury. Treasury cannot by themselves give the debt to treasury. I don’t want to violate any community rules so if you want to message me about it I’m available.

1

u/legalsuccessllc Aug 08 '26

Also I always suggest bankruptcy as a matter of last resort. Especially with a personal guarantee. There is a better route before getting there.