PROTECT HOME FROM SBA PERSONAL GUARANTEE
I'm considering an SBA 7(a) loan that comes with a personal guarantee. Is there a legal way to exclude a home from the personal guarantee, for example by moving it into a trust before the SBA loan is taken out? Any advice would be greatly appreciated.
I assume that if I sign a PG it includes EVERYTHING I own, right? So if I can't pay the loan, then bank comes after every asset I have including all home equity, car, checking account, my shoes, my cookware etc. I only get to save some of these items if I declare bankruptcy or negotiate a settlement, right?