Can the SBA Seize Assets from an Estate After the Business Owners Pass Away?
Protect Law Group can provide the path forward for SBA debtors and guarantors before claims are made against your estate. Book a consultation call with us today!
With the guidance and support of experienced SBA loan attorneys from Protect Law Group, you can find a concrete path to SBA debt resolution. Learn now.
Book a Consultation CallAs a small business owner, dealing with SBA loan problems can be overwhelming and have a significant impact on your business and personal finances. Protect Law Group understands the challenges you face and specializes in providing concrete solutions to settle SBA debt. In this blog, we will discuss the key insights every small business owner should know about SBA forgiveness, shedding light on how our experienced SBA loan attorneys can help you navigate this complex process.
At Protect Law Group, our team of Federal Agency Practitioners and SBA Attorneys are well-equipped with the knowledge and expertise in six core disciplines necessary to resolve SBA loan problems. These strategies include deferment, administrative representation, SBA Offer in Compromise (SBA OIC), administrative litigation, negotiations, and SBA Office of Hearings & Appeals representation. With their extensive background in finance, law, litigation, risk management, and negotiations, our team is dedicated to minimizing damage to your business or personal asset base.
SBA loan problems involve intricate legal and financial aspects that require a specialized understanding of constitutional law, contract law, federal administrative law & procedure, commercial & banking litigation, risk management, asset exemption protection, bankruptcy law, and negotiations. Our SBA loan lawyers possess the necessary expertise to guide you through these complexities, ensuring the best possible outcomes for your business.
Working alongside experienced SBA loan attorneys is crucial when dealing with SBA forgiveness. They understand the intricacies of the SBA program and can develop tailored strategies to negotiate and settle SBA debt on your behalf. Their legal expertise and comprehensive knowledge empower them to protect your rights and assets while pursuing the most favorable resolution for your SBA loan problems.
When it comes to SBA debt settlement, our team of professionals at Protect Law Group strives to negotiate with creditors and the SBA to achieve the best possible outcome for our clients. By leveraging their expertise in finance, law, and negotiations, our SBA loan attorneys work diligently to settle your SBA debt through various strategies, such as SBA Offer in Compromise, administrative representation, and litigation. We aim to minimize the financial impact on your business or personal assets, allowing you to move forward with confidence.
Navigating SBA forgiveness and settling SBA debt can be an arduous journey for small business owners. However, with the guidance and support of experienced SBA loan attorneys from Protect Law Group, you can find a concrete path to resolution. Our team's expertise across finance, law, litigation, and negotiations ensures that your SBA loan problems are handled with utmost care and efficiency. Don't let SBA debt hinder your business's growth — contact our knowledgeable SBA loan attorneys to find the optimal solution for your unique circumstances.
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.
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 several trust deeds pledging seven (7) real estate properties and unconditional personal guarantees for an SBA 7(a) loan from the participating lender. The clients' small business failed and eventually defaulted on repayment of the loan exposing all collateral pledged by the clients. The SBA subsequently acquired the loan balance from the lender, including the right to liquidate and collect all pledged collateral pursuant to the trust deed instruments.
The Firm was hired to negotiate separate release of lien proposals for all 7 real estate properties. In preparation for the work assignment, the Firm Attorneys initiated discovery to secure records from the SBA and Treasury's Bureau of Fiscal Service. After reviewing the records and understanding the interplay between the lender and the SBA, the attorneys then prepared, submitted and negotiated the release of lien (ROL) for each of the 7 real estate properties for consideration.
After submitting the proposals, the assigned SBA Loan Specialists approved each ROL package - significantly reducing the total SBA debt claimed.
Our firm successfully assisted a client in closing an SBA Disaster Loan tied to a COVID-19 Economic Injury Disaster Loan (EIDL). The borrower obtained an EIDL loan of $153,800, but due to the prolonged economic impact of the COVID-19 pandemic, the business was unable to recover and ultimately closed.
As part of the business closure review and audit, we worked closely with the SBA to negotiate a resolution. The borrower was required to pay only $1,625 to release the remaining collateral, effectively closing the matter without further financial liability for the owner/officer.
This case highlights the importance of strategic negotiations when dealing with SBA settlements, particularly for businesses that have shut down due to unforeseen economic challenges. If you or your business are struggling with SBA loan debt, we focus on SBA Offer in Compromise (SBA OIC) solutions to help settle outstanding obligations efficiently.
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