We Provide Nationwide Representation of Small Business Owners, Personal Guarantors, and Federal Debtors with More Than $30,000 in Debt before the SBA and Treasury Department's Bureau of Fiscal ServiceBook a Consultation Call
Can the Department of Treasury garnish wages from your paycheck? Depending on the debt, the answer is yes. Learn what you need to know here.
It's been a tough year for many small business owners. Find helpful information in our guide to Offers In Compromise and how to find legal assistance.
Can you compromise on economic injury disaster loans? Click here to find out what you need to know about EIDL loans and your options.
If you are facing an SBA Charge Off, our SBA Debt Attorneys can help you. Learn more about SBA Charge Offs.
Are you straining with your SBA loan repayment and you are opting to defer the loan. Read this article to know how you can get an SBA loan deferment.
SBA Default and Offer in Compromise - the OIC process may allow you to settle your loan for pennies on the dollar.
If you obtain an SBA loan - specifically a 7(a) loan, you can use the loan proceeds to help finance a great variety of business expenses.
Do you want to know more about how to stop an administrative wage garnishment but don't know where to start? Learn more here.
Can I use an SBA loan to pay off personal debt? Read further to discover how you can and can't use your SBA loan funds.
Are you interested in taking out an SBA loan? Here's everything you need to know about taking out and repaying SBA loans.
If you want to settle SBA loan debt but don't know how, then the answer is simple. Click here for your ultimate guide today!
Looking for SBA debt relief options? Click here to find out how submitting SBA offers in compromise can reduce your non-tax debt!
If you have had trouble with small business finances, then you may have heard about offer in compromise, or OIC. Here is everything you need to know.
Dealing with a Treasury Offset Program (TOP) levy against your federal benefits, tax refund or an Administrative Wage Garnishment (AWG) traced back to your federal nontax debt such as an SBA debt can be hard on anyone.
SBA short sales occur when the property securing an SBA loan is sold for less than the loan amount.
Are you concerned with what to do in the event of an SBA loan default? Then read about some things you'll need to consider when defaulting on an SBA loan.
Learn who qualifies for an SBA loan deferment as well as when. Your frequently asked questions answered in one handy guide.
Have you ever asked yourself the question: what is a tax refund offset? Do you want to know how it works? Read on to learn more.
Offer in Compromise is a way for a small business to close when it is clear that they won't be able to pay their debts, but here are 5 factors to consider
If your SBA loan is placed in default, here's what to expect. Take a look at these tips on assistance and recovery and how to avoid it if all possible.
Protect Law Group has the legal expertise to guide you through the SBA offer in compromise process and help successfully resolve your SBA loan problems.
We are attorneys that exclusively work on SBA OIC cases and other federal debt issues.
If you are in default on your Small Business Association guaranteed loan, the SBA will, through its CDC move to liquidate the loan.
Dealing with an SBA OIC case is hard. Allow one of our lawyers to settle SBA debt on your behalf. Talk to us about your SBA loan default situation.
Finding the right SBA attorney can be a difficult task. Click here to learn some essential tips for finding the right SBA protection law group.
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.
Clients personally guaranteed an SBA 7(a) loan. The SBA referred the debt to the Department of Treasury, which was seeking payment of $487,981 from our clients. We initially filed a Cross-Servicing Dispute, which was denied. As a result, we filed an Appeals Petition with the SBA Office of Hearings and Appeals asserting legal defenses and supporting evidence uncovered during the discovery and investigation phase of our services. Ultimately, the SBA settled the debt for $25,000 - saving our clients approximately $462,981.
Clients personally guaranteed SBA 504 loan balance of $750,000. Clients also pledged the business’s equipment/inventory and their home as additional collateral. Clients had agreed to a voluntary sale of their home to pay down the balance. We intervened and rejected the proposed home sale. Instead, we negotiated an acceptable term repayment agreement and release of lien on the home.
Clients personally guaranteed SBA 7(a) loan balance of over $300,000. Clients also pledged their home as additional collateral. SBA OIC accepted for $87,000 with full release of lien against home.
An SBA loan is a small business loan made by a private sector lender (such as a local bank or other lender) which is guaranteed by the United States Small Business Administration (“SBA”) pursuant to the terms of the U.S. Small Business Act, as amended (“Act”).
To be eligible for this option, a debtor must meet the following criteria:
The CARES Act further expanded the eligibility for businesses to qualify under this bankruptcy path.
This legislation increases the eligibility pool to also include companies with up to $7,500,000 in debt (both secured and unsecured) to reorganize under Subchapter V. This is a significant increase from the otherwise limit of $2,725,625.
If a Borrower or Obligor does not respond to the opportunity to submit an Offer in Compromise, they may be referred to the U.S. Department of Treasury for various enforced collection activities.
A compromise with one or more Obligors does not release the continuing liability of any remaining Obligors. Each entity or individual responsible for the debt must develop its/his/her own SBA OIC.
An SBA Loan Modification is a remedial option when the business is still a viable concern, is still generating revenue and due to current circumstances, the old loan terms just do not make financial sense for all parties. A loan modification package is generally presented when it involves a SBA 504 Loan and the collateral or building’s fair market value has decreased significantly such that the loan should probably be modified (i.e. principal and interest payment terms, modification of principal loan balance to reflect current fair market value appraisal of real estate collateral, payment schedule etc.). In this situation, special factors need to be evaluated, appraisals will need to be conducted, and a proposal should be made in order to apply for a loan modification which benefits both parties. Again, the borrower will be required to provide updated business and personal financial information, additional pledged collateral may be requested, and appraisals will be done as part of the modification process. This is not a situation where the borrower or guarantor should engage in this process without qualified representation or consultation. However, if the business feels that it doesn’t need assistance, we recommend that you review applicable SBA SOPs and the Code of Federal Regulations (CFRs) prior to presenting your loan modification application.