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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.
Book a Consultation CallFinding 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 percent of all small businesses fail within the first five years of operation, it's not incredibly uncommon to find yourself living this nightmare.
Fortunately, you aren't without hope. SBA protection law groups exist to help people exactly in your position. They can defend you against SBA lawsuits and wage garnishments, which would be devastating in your personal and professional life.
However, finding the best and most competent SBA protection law group is vital to your success, and perhaps, the survival of your small business.
The question that you face, however, is how to go about finding an SBA protection law group that's right for you. Instead of leaving up to chance or going with the very first law group you find, take a moment to do some due diligence to ensure the best possible outcome for you and your business.
First, as this is a highly personal matter, start your search from within your inner circle of trust for advice. This includes close friends, family members, and even business associates. While it may be somewhat embarrassing or shameful to admit to people that your business is going under, remember the statistic from above - you're not alone.
Additionally, for all you know, one of these people whom you trust to ask for advice may have some solid words of wisdom. In fact, they may have gone through the same experience and have an attorney or law group whom they'd recommend. You may have to swallow your pride, but you must learn to ask for help.
If you can't get anywhere by asking those closest to you, it may be beneficial to turn to social media. Once again, it will take swallowing your pride, but you can ask your entire following on Facebook or Instagram if anyone has an SBA law group they'd recommend.
Finally, Facebook has several community pages for local areas used for buying, selling, trading, and sharing information. While it may not be your first choice, you can always go to one of these pages and ask your local area at large for recommendations
However, be prepared for the entire city to know your business. If you use your personal profile rather than your business profile to ask for recommendations, you can protect your business's reputation and avoid people forever associating your business with your post.
If going public with your questions on social media or even within your group of trusted friends and family members isn't an option, you can opt to do some research yourself. Use common search engines such as Google, Bing, or Yahoo to look up SBA protection law groups in your area.
You should be able to find various review services and websites that monitor local and national businesses. However, you can also check the law groups' websites and check for reviews and testimonials. Law groups commonly post what their clients have to say about their services.
Additionally, many law groups have social media profiles, as well as a website. This is another great source to check for reviews, testimonials, case results, and recommendations.
Depending on the issues you're facing and how it may impact your life, you may opt to go with the most reputable and experienced SBA protection law group. However, it's important to know what an SBA attorney can do for you. There are no magical fixes, but the right law group can greatly improve your circumstances.
Also, keep in mind that the most credible and experienced attorneys often come with bigger price tags. You pay for the assurance that your case will be handled by the most capable hands. Finally, if you are going with a popular law group, you may not have as much of their time and attention as you'd like.
Speaking of costs, the SBA protection law group that's right for you may be the one that matches your budget. If your business is in the red and you're getting harassed by the SBA loan holder, odds are, you're not in a great financial position. Make sure the law group you hire will work with you on payments and not be another financial stressor in your life.
Next, one of the biggest complaints people have about the attorneys they've hired is their lack of communication. While it's not their job to be a consoling voice in your head 24 hours a day, there's a level of expected communication they should adhere to. This is a big deal and a lot of your future depends on the outcome of this case.
When choosing an SBA protection law group, schedule a consultation with them to see how you connect with your potential attorney. If you get the feeling that you're an inconvenience to them or that they're too busy for you, find someone else. You should have a good rapport with whoever you choose to represent you.
Finally, even if you find an SBA protection law group whom you deem to be perfect, if they don't have time or room for your case, you have no choice but to find someone else.
In most SBA lawsuit cases, time is of the essence. You can't necessarily put everything on ice waiting for the law group you want to find some availability in their schedule. To prevent things from going from bad to worse, get on top of it soon rather than later.
If you're facing an SBA loan lawsuit or about to have your wages garnished, don't hesitate to seek help. Contact us today for a free case evaluation and see if our SBA protection law group is a good fit for you! We'll put you on the right track to getting your personal and professional life back in order.
Millions of Dollars in SBA Debts Resolved via Offer in Compromise and Negotiated Repayment Agreements without our Clients filing for Bankruptcy or Facing Home Foreclosure
Millions of Dollars in Treasury Debts Defended Against via AWG Hearings, Treasury Offset Program Resolution, Cross-servicing Disputes, Private Collection Agency Representation, Compromise Offers and Negotiated Repayment Agreements
Our Attorneys are Authorized by the Agency Practice Act to Represent Federal Debtors Nationwide before the SBA, The SBA Office of Hearings and Appeals, the Treasury Department, and the Bureau of Fiscal Service.
Client’s small business obtained an SBA 7(a) loan for $150,000. He and his wife signed personal guarantees and pledged their home as collateral. The SBA loan went into default, the term or maturity date was accelerated and demand for payment of the entire amount claimed was made. The SBA lender’s note gave it the right to adjust the default interest rate from 7.25% to 18% per annum. The business filed for Chapter 11 bankruptcy but was dismissed after 3 years due to its inability to continue with payments under the plan. Clients wanted to file for Chapter 7 bankruptcy, which would have been a mistake as their home had significant equity to repay the SBA loan balance in full as the Trustee would likely seize and sell the home to repay the secured and unsecured creditors. However, the SBA lender opted to pursue the SBA 7(a) Guaranty and subsequently assigned the loan and the right to enforce collection to the SBA. Clients then received the SBA Official 60-Day Notice and hired the Firm to respond to it and negotiate on their behalf. Clients disputed the SBA’s alleged balance of $148,000, as several payments made to the SBA lender during the Chapter 11 reorganization were not accounted for. To challenge the SBA’s claimed debt balance, the Firm Attorneys initiated expedited discovery to obtain government records. SBA records disclosed the true amount owed was about $97,000. Moreover, because the Clients’ home had significant equity, they were not eligible for an Offer in Compromise or an immediate Release of Lien for Consideration, despite being incorrectly advised by non-attorney consulting companies that they were. Instead, our Firm Attorneys recommended a Workout of $97,000 spread over a lengthy term and a waiver of the applicable interest rate making the monthly payment affordable. After back and forth negotiations, SBA approved the Workout proposal, thereby saving the home from imminent foreclosure and reducing the Clients' liability by nearly $81,000 in incorrect principal balance, accrued interest, and statutory collection fees.
The client personally guaranteed an SBA 7(a) loan for $150,000. His business revenue decreased significantly causing default and an accelerated balance of $143,000. The client received the SBA's Official 60-day notice with the debt scheduled for referral to the Treasury’s Bureau of Fiscal Service for aggressive collection in less than 26 days. We were hired to represent him, respond to the SBA's Official 60-day notice, and prevent enforced collection by the Treasury and the Department of Justice. We successfully negotiated a structured workout with an extended maturity date that included a reduction of the 14% interest rate and removal of substantial collection fees (30% of the loan balance), effectively saving the client over $242,000.
Client’s small business obtained an SBA 7(a) loan for $750,000. She and her husband signed personal guarantees exposing all of their non-exempt income and assets. With just 18 months left on the maturity date and payment on the remaining balance, the Great Recession of 2008 hit, which ultimately caused the business to fail and default on the loan terms. The 7(a) lender accelerated and sent a demand for full payment of the remaining loan balance. The SBA lender’s note allowed for a default interest rate of about 7% per year. In response to the lender's aggressive collection action, Client's husband filed for Chapter 7 bankruptcy in an attempt to protect against their personal assets. However, his bankruptcy discharge did not relieve the Client's personal guarantee liability for the SBA debt. The SBA lender opted to pursue the SBA 7(a) Guaranty and subsequently assigned the loan and the right to enforce collection against the Client to the SBA. The Client then received the SBA Official 60-Day Notice. After conducting a Case Evaluation with her, she then hired the Firm to respond and negotiate on her behalf with just 34 days left before the impending referral to Treasury. The Client wanted to dispute the SBA’s alleged debt balance as stated in the 60-Day Notice by claiming the 7(a) lender failed to liquidate business collateral in a commercially reasonable manner - which if done properly - proceeds would have paid back the entire debt balance. However, due to time constraints, waivers contained in the SBA loan instruments, including the fact the Client was not able to inspect the SBA's records for investigation purposes before the remaining deadline, Client agreed to submit a Structured Workout for the alleged balance in response to the Official 60-Day Notice as she was not eligible for an Offer in Compromise (OIC) because of equity in non-exempt income and assets. After back and forth negotiations, the SBA Loan Specialist approved the Workout proposal, reducing the Client's purported liability by nearly $142,142.27 in accrued interest, and statutory collection fees. Without the Firm's intervention and subsequent approval of the Workout proposal, the Client's debt amount (with accrued interest, Treasury's statutory collection fee and Treasury's interest based on the Current Value of Funds Rate (CVFR) would have been nearly $291,030.
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