Discharging Personally Guaranteed SBA & EIDL Loans in Irvine, CA
SBA & EIDL Loan Debt After Your Irvine Business Closes
Many Irvine business owners took out SBA and EIDL loans to keep a company running, and many of those loans required a personal guarantee. When the business later fails, the debt does not always disappear with it.
At The Law Offices of Joseph M. Tosti, APC, our Irvine bankruptcy lawyer, with over 30 years of experience, represents owners who are still facing personal liability on SBA and EIDL loans they guaranteed. We review your debts, income, assets, expenses, and collection pressure so you can understand your options and plan next steps.
Call (949) 245-6288 or reach out online to talk through any complications you are going through with your SBA or EIDL loan.
Why a Personal Guarantee Keeps You Liable After the Business Is Gone
A guarantor's liability is separate from the business's own debt. That distinction matters because the company may have failed, been dissolved, or even filed for Chapter 7 bankruptcy, yet the owner who signed the guarantee can still be personally responsible for the loan balance. Lenders and the government may continue to pursue the guarantor long after the doors close.
Irvine has a busy business community, from startups and professional offices to retail and service companies, and many owners relied on SBA and EIDL funding to get through uncertain periods. If your company has closed and you are still receiving collection notices on a loan you guaranteed, The Law Offices of Joseph M. Tosti, APC can review the loan documents and your guarantee to explain your position.
What Happens to Guaranteed SBA & EIDL Loans in a Chapter 7 Bankruptcy
In a Chapter 7 bankruptcy, an individual can discharge personal liability on SBA and EIDL loans that he or she personally guaranteed. Whether and how that applies to you depends on the facts of your case, including the structure of the loans, your guarantee, and your overall financial picture.
During a consultation, we will go over several questions that commonly come up, including:
- Which loans did you personally guarantee, and which belong only to the business?
- What is the status of your business: is it still operating, dissolved, or already in bankruptcy?
- How are other debts, assets, and income affecting your Chapter 7 options?
- What can you expect from the filing process from start to finish?
Dedicated to Providing Quality Representation
How We Have Served Our Clients
At The Law Offices of Joseph M. Tosti, APC, your satisfaction is our priority! See for yourself what our clients have to say about working with us.
-
"Advice & Guidance Invaluable"Joe's advice and guidance, before, during, and after my bankruptcy were invaluable!- Hazlett V.
-
"Very Communicative"Kathe kept me abreast of the entire process and was very communicative.- Aubry P.
-
"Honest Quality"It was a great experience for what it is, with everything completely done with out complications. Joe tosti law offices is honest , quality attorney.- Dee P.
-
"A GREAT ATTORNEY!"Almost immediately as I came in to his office, he handled it, and got the job done. Great service, fast and affordable! Joseph and his team helped me out big time. I felt at ease during the whole process. Highly Recommended.- James
-
"El Sr. Tosti se ocupa de los negocios y hace el trabajo. No se conforma hasta que sabe que su cliente ha sido muy bien compensado0."Estoy EXTREMADAMENTE contenta con su profesionalismo y servicio rápido.- Ericka P.
-
"Mr. Tosti takes care of business, & gets the job done. He doesn't settle until he knows his client has been compensated very well."I'm EXTREMELY happy with his professionalism & prompt service.- Ericka P.
-
"He's extremely knowledgeable and knows exactly what he's doing. "I highly recommend him! Thank you to you and your team!- Nicole L.
-
"I couldn't be happier with my choice for legal representation."Thank you guys for being awesome.- Jason B.