Debt Resolution: What Are SBA Offers in Compromise (OIC)?
It's been a tough year for many small business owners. Find helpful information in our guide to Offers In Compromise and how to find legal assistance.
Small business owners may face serious financial difficulties. When these difficulties present issues such as foreclosure, the owner must take immediate action to prevent seizure of their property. An attorney helps these business owners acquire an SBA Offer in Compromise to prevent these issues.
The business owner must take action as soon as they receive the SBA demand letter. They should bring the letter to their attorney for further review. The attorney needs the loan contract acquired by the business owner as well. The terms dictate what actions are possible to prevent foreclosure. These terms tell the attorney what they need to do to approach the lender to acquire the compromise and prevent further legal action.
An SBA loan foreclosure gives the lender the right to seize the property for sale. These government loans are secured by a guarantee that the business owner will pay at least a specific percentage. The loan documents dictate the total value of the guarantee. It may present the business owner with the opportunity to negotiate a reduced settlement. If they have generated equity in the property, the attorney could acquire this reduction easily.
Thea attorney acquires a guarantee for the settlement value. This prevents the lender from changing their mind and fighting against the business owner. The attorney helps the business owner manage the terms of the settlement and submit the required value without issues. They prevent further repercussions of an SBA loan default through these measures.
Businesses that are in financial trouble may also face overwhelming tax liabilities. The attorney helps them through a Tax Offset Program. The program helps them to acquire a settlement through the IRS.
Small businesses need further assistance when they face foreclosure. An attorney helps them to manage government-backed loans. These loans require a specific value to settle them properly. They also provide extra protection for the borrower. Business owners who are facing adverse legal action including foreclosure should contact an attorney today.
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 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.
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