Downside Scenario

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by a searcher from University of Pennsylvania - The Wharton School
in Tampa, FL, USA

3yrs ago

Downside Scenario

Taking on a personal guarantee is a scary thing, yet not many talk about what actually happens if a bankruptcy is required. Does anybody have any insight to what happens personally, financially, and in the future to someone that has to default on a PG loan?

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reply by an investor 3yrs ago
from University of California, Berkeley in San Francisco Bay Area, CA, USA

My understanding is that there is an SBA "offer in compromise" process whereby the SBA will basically let you off the hook without a formal bankruptcy proceeding if the business fails and you make a good faith effort to settle your debts (e.g. sell your assets and pay some of the loan).

reply by a searcher 2yrs ago
from The University of Michigan in San Carlos, CA, USA

If you really want to go down the rabbit hole, there is an entire podcast devoted to this topic, offer in compromise, bankruptcy and a lot of the various nuances:

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