Is there any prohibition on discharging loans owed to SBA (Small Business Administration). SBA is a governmental entity
Posted: Wed May 07, 2008 10:25 am
Kay,
I had a similar case some years ago, but it was Dept of Human Services (Medicare), who had put my Home Health Agency corporate client out of business with a $2Million assessment for alleged overbilling. Scheduled in the corporate Chapter 7, and no personal assessment against the shareholder.
Gerald McNally
MCNALLY & ASSOCIATES, P.C.
206 N. Jackson St. #100
Glendale, CA 91206
----- Original Message -----
To: cdcbaa@yahoogroups.com
Sent: 05/06/2008 2:23 PM
Subject: [cdcbaa] Is there any prohibition on discharging loans owed to SBA (Small Business Administration). SBA is a governmental entity, so loan is money owed to a governmental entity, but not a tax, fine, restitution, etc.
050608
Question for CDCBAA members, from KPMarch:
Is there any prohibition on discharging loans owed to SBA (Small Business Administration). SBA is a governmental entity, so loan is money owed to a governmental entity, but not a tax, fine, restitution, etc.
Have CDCBAA attorneys had any instances of SBA claiming that a loan owed to SBA is nondischargeable for any reason? Have CDCBAA attorneys scheduled and had SBA loans discharged without any problem?
Past clients my firm had always had SECURED SBA loans.
Now my firm has 2 different clients with UNSECURED SBA loans. PS: If anyone knows of any relevant Code cite or caselaw, please REPLY to tell me. I took a quick (10 minute) look on Westlaw, didn't see anything definitive. Thx all.
KPMarch
Kathleen P. March, Esq.
The Bankruptcy Law Firm, PC
10524 W. Pico Blvd, Suite 212
Los Angeles, CA 90064
Phone 310-559-9224
Fax 310-559-9133
Website: www.BKYLAWFIRM.com
E-Mail: kmarch@BKYLAWFIRM.com
Have a former Bankruptcy Judge for your personal bankruptcy attorney
The post was migrated from Yahoo.