How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Roger Your Own Question
Roger
Roger, Attorney
Category: Business Law
Satisfied Customers: 31490
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
6704987
Type Your Business Law Question Here...
Roger is online now
A new question is answered every 9 seconds

My economic meltdown began in 2009, starting with the recession,

This answer was rated:

My economic meltdown began in 2009, starting with the recession, I became disabled with Parkinson's disease also, and cannot "Work my way out." My house is valued at $550,000 and mort around $1. I owe about $200,000 in credit cards. My business closed in early 2012 with no value. The house is going into foreclosure. I am living on social security, but just had an offset by the SBA of 33% of my previous payment, amounting to $300+ per month. I live on social security and have savings of less than $100,000. I am insolvent. Is there any way to reverse the SBA offset?
Hi - my name is XXXXX XXXXX I'm a Business litigation attorney. Thanks for your question. I'll be glad to assist.

SBA loans are dischargable in bankruptcy, so if things get unbearable for you, then filing bankruptcy is certainly an option for you to have this debt discharged.

The SBA also has a settlement process known as the Offer In Compromise which allows individuals to make settlement offers. It's worth trying to go through this process first to see if you can settle something, but if an offer in compromise can't be reached, then bankruptcy is the only real option to get some relief from an offset.
Roger and 2 other Business Law Specialists are ready to help you