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.
Small business sole proprietor obtained an SBA COVID-EIDL loan for $500,000. Client defaulted causing SBA to charge-off the loan, accelerate the balance and refer the debt to Treasury's Bureau of Fiscal Service for aggressive collection. Treasury added $180,000 in collection fees totaling $680,000+. Client tried to negotiate with Treasury but was only offered a 3-year or 10-year repayment plan. Client hired the Firm to represent before the SBA, Treasury and a Private Collection Agency. After securing government records through discovery and reviewing them, we filed an Appeals Petition with the SBA Office of Hearings & Appeals (OHA) court challenging the SBA's referral of the debt to Treasury citing a host of purported violations. The Firm was able to negotiate a reinstatement and recall of the loan back to the SBA, participation in the Hardship Accommodation Plan, termination of Treasury's enforced collection and removal of the statutory collection fees.
Our firm successfully negotiated an SBA offer in compromise (SBA OIC), settling a $974,535.93 SBA loan balance for just $18,000. The offerors, personal guarantors on an SBA 7(a) loan, originally obtained financing to purchase a commercial building in Lancaster, California.
The borrower filed for bankruptcy, and the third-party lender (TPL) foreclosed on the property. Despite the loan default, the SBA pursued the offerors for repayment. Given their limited income, lack of significant assets, and approaching retirement, we presented a strong case demonstrating their financial hardship.
Through strategic negotiations, we secured a favorable SBA settlement, reducing the nearly $1 million debt to a fraction of the amount owed. This outcome allowed the offerors to resolve their liability without prolonged financial strain.
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.
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