How to Fill Out a Personal Financial Statement in 8 Simple Steps
Are you struggling with SBA paperwork? That's totally understandable. Click here to learn how to fill out a personal financial statement
We Provide Nationwide Representation of Small Business Owners, Personal Guarantors, and Federal Debtors before the SBA and Treasury Department's Bureau of Fiscal Service
Book a Free Consultation CallIf you have recently received the 60-Day Official Notice from the SBA offering you the opportunity to petition for an administrative review of the debt, make an offer in compromise or enter into a repayment agreement for an SBA loan default you may not know which way to turn. Not only has your SBA debt come back to haunt you but if you fail to respond to the 60-Day Official Notice within the stated time frame, your case will be cross-referred to the Department of Treasury’s Bureau of Fiscal Service, where the Government will add an amount up to 30% of the original SBA debt balance as “administrative fees and costs.”
The SBA does not need to go to court and prove its case before a jury or judge like a private creditor when it pursues you through the federal agency system. You do not receive your “day in court” to argue your case when the federal government is your creditor. The SBA has unilaterally decided that you owe the debt. The SBA does not send you any documents that prove you owe the debt and the federal government certainly does not provide you documents that may exonerate you from liability. The SBA may have hundreds (if not thousands) of pages of documents related to your case, which you have a right to inspect and review.
To get your day in court, so to speak, you have to figure out what documentary evidence is available and the legal defenses you can assert. An SBA Attorney can conduct such an investigation through the administrative discovery process, review the records and then advise you of your options. Once you know your options, you can make an informed decision on how to resolve the claimed debt.
Before filing bankruptcy and ruining your credit or taking another path, you should consider having one of our SBA Attorneys conduct a proper investigation of your SBA debt and determine if there are better alternatives.
Contact us today for a free Case Evaluation.
The SBA does not need to go to court and prove its case before a jury or judge like a private creditor when it pursues you through the federal agency system. You do not receive your “day in court” to argue your case when the federal government is your creditor. The SBA has unilaterally decided that you owe the debt. The SBA does not send you any documents that prove you owe the debt and the federal government certainly does not provide you documents that may exonerate you from liability. The SBA may have hundreds (if not thousands) of pages of documents related to your case, which you have a right to inspect and review.
To get your day in court, so to speak, you have to figure out what documentary evidence is available and the legal defenses you can assert. An SBA Attorney can conduct such an investigation through the administrative discovery process, review the records and then advise you of your options. Once you know your options, you can make an informed decision on how to resolve the claimed debt.
Before filing bankruptcy and ruining your credit or taking another path, you should consider having one of our SBA Attorneys conduct a proper investigation of your SBA debt and determine if there are better alternatives.
Contact us today for a free Case Evaluation.
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.
Client personally guaranteed SBA 7(a) loan balance of $58,000. Client received Notice of Intent to initiate Administrative Wage Garnishment (AWG) Proceedings. We represented client at the Hearing and successfully defeated the AWG Order based on several legal and equitable grounds.
Clients personally guaranteed an SBA 7(a) loan. The SBA referred the debt to the Department of Treasury, which was seeking payment of $487,981 from our clients. We initially filed a Cross-Servicing Dispute, which was denied. As a result, we filed an Appeals Petition with the SBA Office of Hearings and Appeals asserting legal defenses and supporting evidence uncovered during the discovery and investigation phase of our services. Ultimately, the SBA settled the debt for $25,000 - saving our clients approximately $462,981.
.jpg)
