Filing For An Offer In Compromise
Discover how to navigate the SBA Offer in Compromise process with our expert guide, featuring insights from Protect Law Group for effective debt resolution.
Learn how to navigate SBA and Treasury debt with expert legal assistance. Understand complexities, explore solutions, and secure your business's future with confidence.
Have you ever found yourself overwhelmed by the complexities of legal issues, especially as they relate to SBA and Treasury debt? Navigating the legal landscape can be daunting, particularly when you are a small business owner dealing with federal debt. With everything at stake, having the right legal assistance and representation becomes crucial. This discussion will guide you through the nuances of seeking legal assistance and representation, particularly in the area of SBA and Treasury debt resolution.
There are numerous situations where legal assistance becomes necessary. As a business owner with looming debt issues with the SBA or Treasury, you may feel pressured by the potential consequences of your debt. Legal guidance can help you develop strategies to resolve your debt issues and may prevent severe repercussions such as bankruptcy or foreclosure.
The Small Business Administration (SBA) supports small businesses by offering loans; however, financial instability or unforeseen challenges can lead to debt. Misunderstanding or improperly handling this debt can escalate problems quickly. Legal professionals can assist in navigating these uncertainties, providing a buffer between you and potentially adverse outcomes.
Federal debt issues, particularly those involving federal agencies like the SBA, often include procedural rules and regulations. Without professional expertise, comprehending these complexities is challenging. Skilled attorneys can break down these rules, ensuring you understand the implications and nuances of your situation.
Protect Law Group is a firm specializing in providing expert legal services for resolving SBA and Treasury debt problems. They cater to small business owners and federal debtors across the United States, using their expertise to unravel complex legal challenges and outline a clear path toward resolution.
Protect Law Group offers services that focus on specific legal challenges faced by businesses dealing with SBA debt. Their expertise covers a wide range of services, including strategic defense initiatives, appealing petitions, and negotiating with the SBA. By offering a robust suite of services, Protect Law Group provides comprehensive support to their clients.
Creating a proactive strategy is crucial in managing SBA debt. Protect Law Group assists clients in developing these strategies to defend against debt collection efforts. Such an approach not only mitigates risks but also potentially resolves debts in a favorable manner.
The firm aids in filing Appeals Petitions with the SBA Office of Hearings and Appeals. They conduct in-depth investigations into factual and procedural errors, providing you with precise strategies to prosecute or defend against claims.
Protect Law Group attorneys, authorized by the Agency Practice Act, represent federal debtors before the SBA, Treasury Department, and Bureau of Fiscal Service. They handle initial case evaluations and present clients with various options to address their debt concerns effectively.
Having a firm that can represent you on a national scale ensures you receive consistent and informed legal advocacy. Protect Law Group’s nationwide reach provides them with unique insights and resources, allowing them to tailor their services across different state laws and regulations.
Understanding your legal options is as important as seeking representation. Protect Law Group focuses on educating their clients, offering insights into case remedies, steps to take, and what to expect during the legal process.
When dealing with SBA-related debt, Protect Law Group offers specialized services to help businesses from various angles. Their focus is not merely on resolution but also on providing peace of mind and security during challenging financial times.
The Offer in Compromise (OIC) program allows eligible businesses to settle their SBA debt for less than what they owe. Protect Law Group’s expertise in navigating this program ensures you can access the benefits, reducing your financial burden significantly.
A Structured Workout is a negotiated agreement allowing the debtor to repay the debt over an extended period. Such arrangements can offer much-needed financial relief, enabling businesses to continue operations without the constant pressure of impending debt deadlines.
Litigation, particularly before the SBA Office of Hearings and Appeals, requires expert representation. Protect Law Group can guide you throughout the litigation process, ensuring your rights and interests are protected. Besides litigation, their negotiators work diligently with the SBA to secure favorable terms for your situation.
Legal support can be pivotal in preventing severe financial repercussions like foreclosure and bankruptcy if SBA loans remain unresolved. By leveraging legal expertise and strategic planning, Protect Law Group helps you minimize damage to business and personal assets.
The ultimate goal in seeking legal assistance is preventing negative outcomes from SBA loan defaults. With expert advice and representation, you can protect your business and personal assets, helping you avoid detrimental financial impacts and start afresh with a clean slate.
Protect Law Group distinguishes itself through its comprehensive approach to resolving SBA debts. Their experienced attorneys are well-versed in key legal principles, bringing a wealth of knowledge to the table.
Their approach goes beyond mere legal representation. Protect Law Group prioritizes a client-centered experience, ensuring their clients are better informed, ethically represented, and have access to cutting-edge technology for case management.
A cornerstone of Protect Law Group’s services is their unwavering commitment to ethical standards. Their track record demonstrates integrity in every case they handle, providing clients with trust and confidence in their representation.
To provide the most relevant case information and perspectives, Protect Law Group employs advanced technologies, making the legal process more efficient and accessible. This technological edge enhances their service quality and client communication.
Facing SBA debt problems can be daunting, but with the right legal representation, you can navigate these challenges effectively. Protect Law Group stands as a reliable ally in resolving your debt issues, helping safeguard your future against financial uncertainties. If SBA-related debt concerns loom over you, consider reaching out to Protect Law Group for a comprehensive case evaluation. Let their expertise guide you to a path of financial stability and peace of mind.
Clients' 7(a) loan was referred to Treasury's Bureau of Fiscal Service for enforced collection in 2015. They not only personally guaranteed the loan, but also pledged their primary residence as additional collateral. One of the clients filed for Chapter 7 bankruptcy thinking that it would discharge the SBA 7(a) lien encumbering their home. They later discovered that they were mistakenly advised. The Firm was subsequently hired to review their case and defend against a series of collection actions. Eventually, we were able to negotiate a structured workout for $180,000 directly with the SBA, saving them approximately $250,000 (by reducing the default interest rate and removing Treasury's substantial collection fees) and from possible foreclosure.
Client personally guaranteed SBA 7(a) loan balance of over $150,000. Business failed and eventually shut down. SBA then pursued client for the balance. We intervened and was able to present an SBA OIC that was accepted for $30,000.
Clients executed personal and corporate guarantees for an SBA 7(a) loan from a Preferred Lender Provider (PLP). The borrower corporation defaulted on the loan exposing all collateral pledged by the Clients. The SBA subsequently acquired the loan balance from the PLP, including the right to collect against all guarantors. The SBA sent the Official Pre-Referral Notice to the guarantors giving them sixty (60) days to either pay the outstanding balance in full, negotiate a Repayment (Offer in Compromise (OIC) or Structured Workout (SW)), challenge their alleged guarantor liability or file a Request for Hearing (Appeals Petition) with the SBA Office of Hearings & Appeals.
Because the Clients were not financially eligible for an OIC, they opted for Structured Workout negotiations directly with the SBA before the debt was transferred to the Bureau of Fiscal Service, a division of the U.S. Department of Treasury for enforced collection.
The Firm was hired to negotiate a global Workout Agreement directly with the SBA to resolve the personal and corporate guarantees. After submitting the Structured Workout proposal, the assigned SBA Loan Specialist approved the requested terms in under ten (10) days without any lengthy back and forth negotiations.
The favorable terms of the Workout included an extended maturity at an affordable principal amount, along with a significantly reduced interest rate saving the Clients approximately $181,000 in administrative fees, penalties and interest (contract interest rate and Current Value of Funds Rate (CVFR)) as authorized by 31 U.S.C. § 3717(e) had the SBA loan been transferred to BFS.