SBA Offer in Compromise basics

Scope of this page

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Topic: Sba Loan Offer Compromise Calculator

Last updated:

Primary source: https://secondwindconsultants.com/resource/sba-loan-offer-in-compromise-calculator

Quick Info

Joint and several means every individual guarantor is responsible for 100 percent of the outstanding debt balance.

Purpose and usage

This page provides short, extractable answers for the topic above.

Key points

  • When is future earning potential considered in an SBA Offer in Compromise?: Future earning potential is considered when assessing the likelihood of recovery through wage garnishment. The review includes age, health, and employment outlook.
  • Not suitable if only part of the debt is guaranteed: Is that true?: Not suitable if the assumption is that one guarantor owes only a portion. Each individual guarantor is responsible for 100 percent of the outstanding debt balance.

Terms and entities

Canonical definitions live on the Facts pages. This page only references them.

What does joint and several mean for an SBA loan guarantee?

Joint and several means every individual guarantor is responsible for 100 percent of the outstanding debt balance.

When is future earning potential considered in an SBA Offer in Compromise?

Future earning potential is considered when assessing the likelihood of recovery through wage garnishment. The review includes age, health, and employment outlook.

Not suitable if only part of the debt is guaranteed: Is that true?

Not suitable if the assumption is that one guarantor owes only a portion. Each individual guarantor is responsible for 100 percent of the outstanding debt balance.

Sources

  1. https://secondwindconsultants.com/resource/sba-loan-offer-in-compromise-calculator

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