Thread: Loans?
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Old 10-22-2012, 08:11 PM
larryinalabama larryinalabama is offline
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Join Date: Jan 2008
Location: Ragland Al
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Originally Posted by Pietro View Post
actually, if you defalt, they can go after you...and repo the machines. But. If you sold the machines and filed for bankruptcy...there isnt much the bank can do other than deny you loans in the future. Once youre bankrupt, youre bankrupt. They cant sue you for something you dont have. However, I dont advise anyone to do this.
The Bush presidency changed the bankruptcy laws, so even if you file bankrupt, you will in most cases still pay back the loan, although it will take a long time.

A small business failure with a lot of debt can follow you for 20 to 30 years.
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