Personal Bankruptcy Wanting to buy a business, about to BK. Do I wait?

[grerwin]

Arizona, Bar is on the brink of filing BK. They have a SBA loan with personal guarantees. Is it smarter to wait for SBA to take over and liquidate and get a better price or is it not that simple? They opened without adequate cash flow and they are about to lose everything. Will SBA walk in and liquidate the whole place or try to find a new owner at a better price.

Any advice on this process would be appreciated as I am not sure how SBA would handle it.

 

[presutin]

That will all depend on the type of BK they will file; you will have to wait and see...

 

[grerwin]

They are filing a chapter 7

 

[presutin]

Is it smarter to wait for SBA to take over and liquidate and get a better price or is it not that simple?

It is not that simple since you will have to know what has really caused the true problems the business has faced. Consult with an attorney once you have access to those details. Good luck!