Spoke to Treasury
Spoke to Treasury today. No OIC (offer in compromise). They would accept a lump sum payment which would bring down the overall debt to reduce 10 year monthly payment plan. Still makes payments about 2x bigger than original loan payments. This doesn't work for me and wouldn't work for anyone else.
I wrote them a letter, they received it, but I still got my Tax Returns garnished. The problem is it was a joint filing with my wife, and it was basically her tax returns. She doesn't know yet... she is gonna be pissed.
The main reason I called was to find the time frame of when w2 wage garnishment will happen. As of now they have not filed that. It sounded like they have not done it with anyone yet for the eidl covid loans. I could be mistaken here.
I advised her that the only way I can pay would be through the Offset program (tax returns/wage garnishment) or OIC, which was suggested by the lawyer.
Bankruptcy Chapter 13 is probably an avenue I could take, but just keeping that in my back pocket for now.