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://www.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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