Discover the pros & cons of SBA loan modification with Protect Law Group. Expert SBA debt relief help for small businesses. Take control today!
Book a Consultation CallAre you a small business owner struggling under the weight of SBA debt? The road to financial recovery might be closer than you think with the comprehensive assistance of Protect Law Group's SBA Debt Relief Program. In this blog, we'll explore the ins and outs of SBA loan modification, shedding light on the pros and cons while showcasing why Protect Law Group is your ultimate partner in navigating the complex realm of Small Business Debt Relief. Get in touch with our team today and get answers to all your questions.
1. Tailored Solutions: One size does not fit all in the world of debt relief. Protect Law Group understands this well. Our team of experts crafts customized SBA debt relief plans, addressing your unique business challenges and financial constraints.
2. Financial Resilience: Through strategic SBA loan modification, you gain the opportunity to regain financial stability without resorting to bankruptcy. Our proven methodologies can significantly lower your monthly payments, providing breathing room for your business to recover.
3. Expert Negotiation: Navigating the bureaucratic landscape of SBA debt relief can be daunting. The skilled negotiators at Protect Law Group have an in-depth understanding of the system. They work tirelessly to secure the best possible terms for you, ensuring you reap the benefits of the Best Debt Relief solutions.
4. Peace of Mind: Dealing with SBA debt can be emotionally draining. Our dedicated team not only handles the intricacies of debt relief but also offers the emotional support you need during this challenging journey.
1. Process Complexity: SBA loan modification involves a labyrinth of regulations and paperwork. However, with Protect Law Group by your side, you don't have to face this complexity alone. We streamline the process, ensuring efficiency and accuracy every step of the way.
2. Potential Credit Impact: It's important to note that debt relief might have an impact on your credit score. However, the long-term benefits of financial stability often outweigh short-term credit concerns.
3. Time-Consuming: The road to Small Business Debt Relief can be time-consuming due to paperwork, negotiations, and approvals. But, with the guidance of Protect Law Group's seasoned professionals, you can be assured of a smoother and faster journey.
At Protect Law Group, we're not just counselors; we're partners dedicated to your success. Our commitment to providing top-tier debt relief help is evident in every success story we've helped write. Don't wait to alleviate the burden of SBA debt — take control of your financial future today. Contact Protect Law Group and experience firsthand how our SBA Debt Relief Program can transform your business trajectory. Your journey to financial freedom starts with a call.
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.
Clients personally guaranteed SBA 504 loan balance of $750,000. Clients also pledged the business’s equipment/inventory and their home as additional collateral. Clients had agreed to a voluntary sale of their home to pay down the balance. We intervened and rejected the proposed home sale. Instead, we negotiated an acceptable term repayment agreement and release of lien on the home.
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.
Client personally guaranteed an SBA 7(a) loan to help with a relative’s new business venture. After the business failed, Treasury was able to secure a recurring Treasury Offset Program (TOP) levy against his monthly Social Security Benefits based on the claim that he owed over $1.2 million dollars. We initially submitted a Cross-Servicing Dispute, but then, prepared and filed an Appeals Petition with the SBA Office of Hearings and Appeals (SBA OHA). As a result of our efforts, we were able to convince the SBA to not only terminate the claimed debt of $1.2 million dollars against our client (without him having to file bankruptcy) but also refund the past recurring amounts that were offset from his Social Security Benefits in connection with the TOP levy.
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