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Posts by SBA Attorneys

SBA Loan Repayment Options: Federal Debt Issues & Strategies

This blog article explains your SBA Loan Repayment options to address your problematic SBA loan. Also covered are ways to potentially get out of SBA loan default short of paying past due amounts and details about the federal government’s collection methods. Video Transcript  The transcript of the video follows below for further review.This blog article…

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SBA Loan Default: Fraud By The Original Seller Of The Small Business

As a responsible party (stemming from an SBA Note or SBA Unconditional Guarantee) for an SBA loan default or SBA debt that has been transferred to the Treasury’s Bureau of Fiscal Service, you may want to consider challenging your liability for the alleged debt by investigating whether the original seller of the small business that…

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The Dangers of an Asset Dump and Buy-Back Strategy to Escape SBA Loan Debt

SBA Loan Debt: Asset Dump & Buy-Back Strategy Video Transcript  The Dangers of an Asset Dump and Buy-Back Strategy to Escape SBA Loan DebtThere are some non-attorney loan workout companies out there that are actively promoting an asset protection plan for small businesses with troubled SBA loans wherein the small business transfers its assets in…

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Are SBA Loan Debts Dischargeable in Chapter 7 Bankruptcy?

Are SBA Loan Debts Dischargeable in Chapter 7 Bankruptcy? Video Transcript  The transcript of the video follows below for further review.Are SBA Loan Debts Dischargeable in Chapter 7 Bankruptcy?The short answer to this commonly-asked question is – generally, yes.  But, there are significant risks that SBA business owners, SBA guarantors and SBA obligors should be…

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Understanding the SBA’s Form 148, Unconditional Guarantee, and SBA Form 148L, Unconditional Limited Guarantee

Required Guarantee Agreements and Collateral Documents for participating SBA Lenders originating 7(a) Loans and Certified Development Corporations issuing SBA 504 Loans. Video Transcript  In order to secure SBA guaranteed loans originated by SBA 7(a) Lenders or SBA 504 debenture-guaranteed loans serviced by Certified Development Corporations (CDCS), the SBA issued the Unconditional Guarantee (Form 148) and…

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SBA Offer in Compromise vs. Bankruptcy

SBA Offer in Compromise vs. Bankruptcy If you are liable for an SBA debt due to a breach of an SBA loan agreement or personal guarantee, you may have to consider a couple of resolution options.  Your options may be to explore an SBA Offer in Compromise, a Treasury Department (DOT) Compromise Offer or a…

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Legal Enforceability of the SBA Note and Personal Guarantee

What defenses are available to challenge the legal enforceability of an SBA Note and Personal Guarantee? When a small business defaults on an SBA loan, the lender or CDC will try to liquidate all pledged collateral to reduce the loan balance.  If liquidation efforts do not fully pay back the loan, the lender or CDC…

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HURRICANE HARVEY AND HURRICANE IRMA: SBA DISASTER LOAN RELIEF

HURRICANE HARVEY AND HURRICANE IRMA: SBA DISASTER LOAN RELIEF Video Transcript   In the aftermath of Hurricane Harvey in Houston, Texas and in the wake of Hurricane Harvey that is currently reeking havoc in Florida, the U.S. Small Business Administration (SBA) will eventually play a major role in disaster relief – just like when the SBA…

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Frequently Asked Questions: Administrative Wage Garnishment of SBA Debts

What is Administrative Wage Garnishment? Administrative wage garnishment (AWG) is the ability to divert a percentage of a SBA debtor’s disposable pay without having to go through the court system. The Debt Collection Improvement Act of 1996 provides that the federal government can garnish the wages of any employee to satisfy a delinquent non-tax debt…

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