This is a reprint of a news article about the billions of dollars of SBA loan default amounts and who ended up bearing the brunt of the problem loans. Sound familiar? Yes….bank bailout, auto industry bailout, home mortgage and collateralized debt obligations (CDO) bailout. Now…SBA loan bailout. SBA and AIG, as notorious acronyms actually share…Read More
“WASHINGTON — Unless Congress raises the debt ceiling, the Treasury Department said that it expected to lose the ability to pay all of the government’s bills in mid-October. That means a recalcitrant Congress will face two major budget deadlines only two weeks apart, since the stopgap “continuing resolution” that finances the federal government runs out at the…Read More
SBA SOP 50 51 3 is a very important standard operating procedure which needs to be understood by SBA debtors looking to resolve their SBA guaranteed debt. We will be reviewing and commenting on this SBA SOP through a series of blog articles to give debtors knowledge as knowledge is power. SBA Liquidation A. Responsibility…Read More
SBA SOP 50 51 3 is a very important standard operating procedure which needs to be understood by SBA debtors looking to resolve their SBA guaranteed debt. We will be reviewing and commenting on this SBA SOP through a series of blog articles to give debtors knowledge as knowledge is power. A. When Loans Must…Read More
[vc_row el_position=”first last”] [vc_column] [vc_column_text el_position=”first last”] If you have a SBA loan default problem and you’re working with your lender to wind down the business and settle the deficiency with an SBA Offer In Compromise (SBA OIC), time is of the essence. Lenders, banks, the CDC and the SBA generally do not wait much…Read More
SBA SOP 50 57 defines “workout” as “the debt collection and negotiation process as well as the final plan agreed upon by a creditor and debtor with regard to how the problems and issues surrounding the debtor’s delinquent obligation to the creditor can be ‘worked out’ or resolved.” https://sba-attorneys.com/wp-content/uploads/2013/07/anatomy-of-an-sba-sop-50-57-loan-workout.mp4 There are several alternative workout strategies…Read More
The Massachusetts Bankruptcy Court, pursuant to an enforcement action brought by the United States Trustee, ordered sanctions and issued an injunction against a bankruptcy petition preparer in Lawrence, Massachusetts. The case can be found here. The petition preparer, Pinnacle Financial Consulting, LLC (“Pinnacle”) along with its owner, were ordered to pay monetary sanctions, return money…Read More
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