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Roger, Attorney
Category: Business Law
Satisfied Customers: 31729
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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My economic meltdown began in 2009, starting with the recession,

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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.
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