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Posts by Alex Z

7 Essential Tips for Finding the Best SBA Protection Law Group

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. Finding the Best SBA Protection Law Group One of the biggest nightmares a small business owner can come to face is defaulting on the SBA loan. Unfortunately, because nearly 50…

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SBA Wage Garnishment: What Can You Do About It?

If you default on your SBA loan, there are a number of ways it can be collected. We take a look at wage garnishment and what you can do about it. Administrative Wage Garnishment The United States Small Business Administration does a lot of work to help entrepreneurs get their dream businesses off the ground.…

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What are SBA 504/CDC Loans and What Happens If I Default?

CDC loans bolster your business’s usable capital but with restrictions. Keep reading to discover what SBA 504 loans are and the best candidates to receive them and what strategies are available if you default. Small business ownership is a dream of many people. What stops a lot of potential entrepreneurs from starting a business is the…

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How Much of My Paycheck Can the Government Garnish?

The federal government can garnish up to 15% of your paycheck. The administrative wage garnishment process allows the government to take a portion of your paycheck without first obtaining a civil court judgment.  As such, the SBA or other creditor agency must give your notice thirty days in advance and an opportunity to request a…

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What Are Sba 7a Loans and What Are the Eligibility Requirements?

SBA 7a loans are a great way to finance an organization and with nine types, options are great for businesses. Learn about the different types and eligibility. SBA 7a Loan SBA 7a loans for your business can make the difference between keeping your business afloat or losing it. SBA7a loans were created for that reason.…

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Can you stop an administrative wage garnishment once it starts?

Yes, you may be able to stop an administrative wage garnishment once it starts. Stop Administrative Wage Garnishment   How Does An Administrative Wage Garnishment Start? The Treasury will send you a notice of its intent to order an administrative wage garnishment.  Thereafter, you can request a hearing.  The hearing is usually a “paper hearing”. …

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How Do I Stop An Administrative Wage Garnishment?

You can stop an administrative wage garnishment by proving: The debt is not enforceable against you The amount of the debt is incorrect An administrative wage garnishment would constitute a financial hardship   How Do I Stop An Administrative Wage Garnishment You Must Timely Request A Hearing On An Administrative Wage Garnishment You will receive…

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What Happens If I Don’t Pay Back An SBA Loan?

If you signed a personal guarantee, the SBA and the federal government will want you to repay the loan. SBA Loan Default The SBA Loan Structure Before we can answer what happens if I don’t pay back an SBA loan, you need to understand your liability.  Businesses use SBA 7a loans for working capital.  A…

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Is There a Statute of Limitations on SBA Loans?

Yes, there is a statute of limitations that applies to defaulted SBA loans.  But the government can still collect from you. Statute of limitations for SBA loan The Federal Government is Limited to a 6 Year Statute of Limitations on Defaulted SBA Loans When your business obtains an SBA loan, you sign a personal guarantee,…

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