I need advice on the best method to repay a substantial failed business loan of over $100K. Can you help?

I need advice on the best method to repay a substantial failed business loan of over $100K. Can you help?
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#1

My wife and I agreed to personally guarantee a business loan on a business that has failed after only 2 years in operation. The bank is suggesting we take a 2nd mortgage out and repay the debt over 25 years. I also have the option of filing a chapter 11 bankruptcy or I can take a hardship withdrawal from my 401(k) to pay the bulk of it. I just don’t know what to do. What do you suggest?


#2

Talk to a debt counselor, National Foundation for Credit Counseling is where I would start. www.credit.org


#3

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