My opinion. . . you can try to settle and you may be successful with a few creditors. It only takes one to break the camel's back. Filing bk gives you finality.
As to your perception of "online humiliation" (whatever that is), with all due respect, please just get over it....
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Assuming you have a buyer, to make sure there are no issues, you may want to hold off closing on the sale until the case is CLOSED. If it is not CLOSED the title company will want either a letter from the Trustee or a Court Order as the home will still be property of the estate.
Closing...
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From your post, I gather we are dealing with commercial property.
1. Is the property titled to you or to an entity you control?
2. What is the value of the property?
3. How much is owed to the senior lienholder(s)?
4. Does the property generate...
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EIDL loans are no different from any other loan secured by a blanket lien (UCC1). SBA gets the collateral (if it wants it), liquidates the collateral, applies the proceeds to the loan and can sue on the deficiency. SBA could decide to forego its collateral and just sue on the promissory note.
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For my cases, such a bank account, while an asset to be listed, is an asset that the Trustee cannot “take”:
11 U.S.C. §541 (d) states:
“Property in which the debtor holds, as of the commencement of the case, only legal title and not an equitable interest, such as a mortgage...
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