SBA Loan

[libo12]

My brother and I built and opened a restaurant that eventually failed after 1.5 years. We invested 30% of our own money into the project (all we had). We also have as SBA loan through a local bank, and the balance owed, after closing our restaurant was 325,000.00 We attempted a Chapter 11, but were forced off the premises after the judge lifted the automatic stay. We dismissed the bankruptcy, closed our doors in Oct 2005, and left the equipment for the bank.

Since then, we've received one letter stating the amount the equipment was sold for and my credit was checked by the bank in 2006. Other than that - the bank has not contacted us.

We have no collateral, no assets worth any value and we're just getting out of personal debt now.

If I am now getting back on track pesonally and can buy a home in 3 or 4 years, I'm afraid they will come after me and take it away. Is there a statute of limitations on this kind of debt? And should I contact the bank now to find out what their intentions are?

[randalljd]

See debts and judgments: http://www.worldlawdirect.com/article.php?id=1758