There are different types of Bankruptcy.
Chapter 7 is for the debtor which has debts like medical bills,car loans etc. But if you want to pay back your debts then you can file Chapter 11 and 13 which has a payment plan. You can pay your debts through payment planning.
Try to search more information about bankruptcy and ask a legal advice.
You will be responsible for the whole debt since you are the only one capable of paying the debt after your wife's bankruptcy.
It depends what kind of bankruptcy you are talking about. Most individuals file for chapter 7, so I'll assume you are talking about Ch 7. In the vast majority of those cases, the SBA loan is discharged along with all the other unsecured debt. Many people confuse SBA loans with federally backed student loan debt, and they are not the same. SBA debt is treated just like any other debt in a bankruptcy. The unique feature about SBA debt is that they have a settlement process (known as the Offer In Compromise) that allows borrowers to settle their debt without resorting to bankruptcy. - Distressed Loan Advisors
The difference between an unsecured loan and a secured loan is very big if for some reason bankruptcy is declared or the loan cannot pay repaid. Secured means that the buyer still needs to repay and unsecured mean he doesn't if bankruptcy is declared.
An unsecured loan would be one where the lender is relying on the borrower's promise that the loan will be paid back. There is no collateral involved and that is risky. Bad debt would be considered consumer debt or one that cannot be recovered.
There are different ways to resolve unsecured debt relief. One way is to pay the loan off as soon as possible. If one has multiple unsecured debt, sometimes they can get a loan to consolidate them. One can consolidate with or without collateral.
No, only unsecured debt is discharged.
No, if you mean, can you single out this debt to "file bankruptcy on." You file bankruptcy on ALL your creditors. You don't get to pick and choose. But you can certainly include such a debt in bankruptcy.
You will be responsible for the whole debt since you are the only one capable of paying the debt after your wife's bankruptcy.
It depends what kind of bankruptcy you are talking about. Most individuals file for chapter 7, so I'll assume you are talking about Ch 7. In the vast majority of those cases, the SBA loan is discharged along with all the other unsecured debt. Many people confuse SBA loans with federally backed student loan debt, and they are not the same. SBA debt is treated just like any other debt in a bankruptcy. The unique feature about SBA debt is that they have a settlement process (known as the Offer In Compromise) that allows borrowers to settle their debt without resorting to bankruptcy. - Distressed Loan Advisors
If you file bankruptcy, you file bankruptcy on everything. You can not file bankruptcy on one loan.
The difference between an unsecured loan and a secured loan is very big if for some reason bankruptcy is declared or the loan cannot pay repaid. Secured means that the buyer still needs to repay and unsecured mean he doesn't if bankruptcy is declared.
Yes, it is an unsecured loan.
An unsecured consolidated loan is easier to get out of debt if the debt is small such as for car loans. The bigest advantage is not needing collateral when you sign on the line for the loan.
You NEVER get to file bankruptcy on a thing...YOU file bankruptcy, and everything you owe and everything you own is included. Without BK, the amount you did not pay on the loan you must pay. The deficiency the bank will still want to collect. If you can't pay off the loan on a property, you can't provide title to someone else, so you essentially can't sell it. In BK that excess is then classed an unsecured debt, (originally the loan was a secured debt, secured by the property which it gets first right to the proceeds from) and depending on how many assets you have to pay all your unsecured debts, may end up being relieved by the court.
An unsecured loan would be one where the lender is relying on the borrower's promise that the loan will be paid back. There is no collateral involved and that is risky. Bad debt would be considered consumer debt or one that cannot be recovered.
There are different ways to resolve unsecured debt relief. One way is to pay the loan off as soon as possible. If one has multiple unsecured debt, sometimes they can get a loan to consolidate them. One can consolidate with or without collateral.
There are many places that one could get an unsecured loan for debt consolidation. These places include, but are not limited to, Lending Tree, Prosper, and Bank of America.