SBA Loan Default

[faroff]

Hi new here to the forum. Hopefully someone here can help me with this.

I filed for BK in 2010 but unfortunately did not get my discharge. Much of what I had in debts
have fallen off due to SOL, and a few paid what I could. I just got in a letter from the SBA out
of the Birmingham, AL. office for a loan I took out in late 2008 and had to default due to my
business closing up. The due date on the letter says 04/01/2009 for 200K.

Any advice if I can settle for a much much lower balance and make payments over time
to pay it? Is there a SOL on this debt? Where do I start?

[xMarkdSpot]

Hi new here to the forum. dont know how to post forum so ill just reply here hope you get the answers youre looking for

[JSMBK]

Hi
you should take the advice of BAS agent.

[speeduser]

Having discharged is really nice. Everyone is getting themselves better with that one. - Marla Ahlgrimm

[mdmahoon]

The lender has the right to seize the assets the borrower used as collateral to back the loan. This can include business bank accounts, inventory, equipment or real estate. ... If you default and the lender takes a loss on the loan, it submits the loss to the SBA to honor its guarantee.