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.
Client personally guaranteed SBA 7(a) loan for $350,000. The small business failed but because of the personal guarantee liability, the client continued to pay the monthly principal & interest out-of-pocket draining his savings. The client hired a local attorney but quickly realized that he was not familiar with SBA-backed loans or their standard operating procedures. Our firm was subsequently hired after the client received the SBA's official 60-day notice. After back-and-forth negotiations, we were able to convince the SBA to reinstate the loan, retract the acceleration of the outstanding balance, modify the original terms, and approve a structured workout reducing the interest rate from 7.75% to 0% and extending the maturity date for a longer period to make the monthly payments affordable. In conclusion, not only we were able to help the client avoid litigation and bankruptcy, but our SBA lawyers also saved him approximately $227,945 over the term of the workout.
Client personally guaranteed SBA 7(a) loan balance of $58,000. The client received a notice of Intent to initiate Administrative Wage Garnishment (AWG) Proceedings. We represented the client at the hearing and successfully defeated the AWG Order based on several legal and equitable grounds.
Client personally guaranteed SBA 7(a) loan balance of over $150,000. Business failed and eventually shut down. SBA then pursued client for the balance. We intervened and was able to present an SBA OIC that was accepted for $30,000.
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