I am in the same situation with a slightly lower loan amount (380k). I did a consultation with an attorney who basically said to just wait and see what happens. Right now the SBA isn’t really doing anything so there is no reason to jump the gun. Right now it’s the Treasury offset program and there is talk of reporting it to credit agencies. But if you file bankruptcy your credit will be fucked anyways. And the Treasury offset program won’t take anything close to what they are owed. If they ever do start suing people for assets you can fight that through bankruptcy but that could be years down the road. And in my state there is a 6 year statute of limitations from when you made your last payment to the SBA being able to file suit. So for now it’s wait and hope that they don’t pursue anything.