In Chapter 11, can you restructure an SBA loan?

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In Chapter 11, can you restructure an SBA loan?

We still owe 6 years but need to move to 10 years as sales have dropped by 20%

Asked on April 29, 2012 under Bankruptcy Law, Florida

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

if you filed for Chapter 11 bankruptcy protection (a reorganization as opposed to a complete liquidation) the whole purpose of such a filing is to restructure various debts owed creditors over a time period that would allow the debtor such as you greater flexibility in repaying the debt due to cash flow issues.

As such, a SBA loan (small business loan) would also fall into such a category in the requested restructure of debt under this type of a bankruptcy filing.


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