Having experienced legal representation is essential when it comes to settling your SBA debt. Contact Protect Law Group in Carlsbad, CA today!
Book a Consultation CallWhen it comes to managing small business finances, one area that entrepreneurs often overlook is the importance of addressing Small Business Administration (SBA) debts. Whether you have taken out an SBA loan or are facing repayment issues, understanding the significance of seeking experienced legal representation is crucial. In this blog post, Protect Law Group will explore the reasons why managing SBA debts with the help of a knowledgeable attorney can make a significant difference in the success of your business.
The Small Business Administration has specific regulations and guidelines that govern its loan programs. Understanding these regulations can be complex and overwhelming for business owners. An experienced attorney specializing in SBA debts can guide you through the intricacies of compliance, ensuring that you are aware of your rights and responsibilities. This knowledge will help you avoid penalties, maintain a good relationship with the SBA, and protect your business interests.
SBA loan repayment can be a challenging task, especially during times of financial hardship. An experienced attorney can assess your financial situation, analyze the terms of your loan agreement, and develop a customized repayment strategy. They can negotiate with lenders on your behalf, exploring options such as loan modifications, debt settlements, or even loan forgiveness programs. Having a lawyer who understands the intricacies of SBA debts can significantly increase your chances of finding a viable solution that aligns with your business's financial capabilities.
Dealing with SBA debts can have significant repercussions for your business's assets and personal finances. If your debt remains unresolved, the SBA may take legal action to recover the amount owed. This could result in the seizure of your business assets, placing your livelihood at risk. By having an experienced attorney on your side, you can protect your assets and explore alternatives, such as negotiating improved repayment terms or restructuring your business to shield your finances.
Mismanaging SBA debts can have severe consequences for your credit score, making it challenging to secure funding in the future. A knowledgeable attorney can help you navigate the debt collection process, ensuring that your rights are protected throughout. They can also assist in preventing abusive debt collection practices and protect your reputation so that your business can continue to thrive even during challenging financial times.
Addressing SBA debts with the help of experienced legal representation is essential for small businesses. From navigating complex regulations and developing a repayment strategy to protecting your assets and avoiding adverse consequences, an attorney specializing in SBA debts can play a pivotal role in securing the financial stability of your business. By seeking professional guidance, you can effectively manage your SBA debts, mitigate risks, and pave the way for long-term success. Contact Protect Law Group serving San Diego, Orange, and Los Angeles Counties, California to learn more.
Millions of Dollars in SBA Debts Resolved via Offer in Compromise and Negotiated Repayment Agreements without our Clients filing for Bankruptcy or Facing Home Foreclosure
Millions of Dollars in Treasury Debts Defended Against via AWG Hearings, Treasury Offset Program Resolution, Cross-servicing Disputes, Private Collection Agency Representation, Compromise Offers and Negotiated Repayment Agreements
Our Attorneys are Authorized by the Agency Practice Act to Represent Federal Debtors Nationwide before the SBA, The SBA Office of Hearings and Appeals, the Treasury Department, and the Bureau of Fiscal Service.
The client was personally guaranteed an SBA 7(a) loan to help with a relative’s new business venture. After the business failed, Treasury was able to secure a recurring Treasury Offset Program (TOP) levy against our client’s monthly Social Security Benefits based on the claim that he owed over $1.2 million dollars. We initially submitted a Cross-Servicing Dispute, but then, prepared and filed an Appeals Petition with the SBA Office of Hearings and Appeals (SBA OHA). As a result of our efforts, we were able to convince the SBA to not only terminate the claimed debt of $1.2 million dollars against our client (without him having to file bankruptcy) but also refund the past recurring amounts that were offset from his Social Security Benefits in connection with the TOP levy.
Clients personally guaranteed an SBA 7(a) loan that was referred to the Department of Treasury for collection. Treasury claimed our clients owed over $220,000 once it added its statutory collection fees and interest. We were able to negotiate a significant reduction of the total claimed amount from $220,000 to $119,000, saving the clients over $100,000 by arguing for a waiver of the statutory 28%-30% administrative fees and costs.
Clients personally guaranteed SBA 7(a) loan balance of over $300,000. Clients also pledged their homes as additional collateral. SBA OIC accepted $87,000 with the full lien release against the home.
.jpg)
