Q: I took out a disaster loan with sba in 2004,I was laid off after 9 years in 2008 I was place on a unemployment deferment
plan. Being a single mother of two children soul support, I was placed on a payment plan and always made my payments on time. Last year my company dropped my hours down to 32 hours. I was placed on another payment plan my original loan was for 10,500. it is now down to 5,050. I couldn't afford 69.00 a month, my plan was for 30.00 a month. SBA forward my loan to the treasury department, even though I made my payment every month. I called them today, they want 275.00 a month, plus added over 2 thousand in collection fee's no one ever called me from SBA to advised me that my special arrangement fell off as of Sept 2015 as I still made my payments. My question is I owe over 10 thousand in credit cards, if I claim bankruptcy does my SBA disaster loan get dismissed if not should I pay them the 275.00 a month and default on my credit cards. I can't do both I do not make enough money. I make 30 thousand a year. I own a house with a 56,000 mortgage & it is worth 40,0
A: The SBA loan might be secured by a lien on your home. If not, it is probably dischargeable in bankruptcy. Your credit card debt is also dischargeable. I suggest that you consult with a bankruptcy attorney.
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