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Is there any prohibition on discharging loans owed to SBA (Small Business Administration). SBA is a governmental entity,
I have discharged a number of SBA loans in the past for my clients. The
loans were provided by the local asian bank. One of them did sue my client
for fraud - there were some inaccurate info in the loan application. We
settled the adversary proceeding with the bank.
On Wed, May 7, 2008 at 10:25 AM, Gerry McNally wrote:
> 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 -----
> *From:* K. P. March
> *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*
>
>
>
>
I have discharged a number of SBA loans in the past for my clients. The loans were provided by the local asian bank. One of them did sue my client for fraud - there were some inaccurate info in the loan application. We settled the adversary proceeding with the bank.
On Wed, May 7, 2008 at 10:25 AM, Gerry McNally <gm88008@mcesq.com> wrote:
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. #100Glendale, CA 91206
----- Original Message -----
From:
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