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Tips for Finding an Attorney After Receiving an SBA Offer in Compromise

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Tips for Finding an Attorney After Receiving an SBA Offer in Compromise

When a person is facing legal issues because of an SBA loan default, finding legal help can be an intimidating prospect. Below are resources and strategies to help potential clients find the right lawyer after receiving an SBA demand letter.

Determine Which Type of Lawyer is Needed

Many lawyers focus their efforts on a certain area of law. Debt relief attorneys typically work in the consumer, bankruptcy or legal defense areas. It is normal for clients to not know exactly what they need when choosing an attorney. Although some lawyers work in a specific area, most work with those who have multiple problems. For example, when an attorney evaluates a client’s finances, they may suggest a Tax Offset Program rather than litigation. Similarly, a litigator may recommend bankruptcy.

Finding a Competent Lawyer

If a person needs a debt help lawyer to assist with an SBA loan foreclosure, they can start in the following places.

  • Referrals: If a client has used an attorney for previous cases, that lawyer can likely recommend a debt help firm. Friends, family and coworkers can also provide recommendations.
  • Legal directories: Clients can find a local lawyer in an online legal directory.
  • Prepaid plans: Many large employers offer legal plans, which refer clients to an attorney who offers a evaluation and a reduced fee. Contact the employer’s HR department to find out if such a plan is offered.
  • Bar associations: Local and state bar associations typically provide lists of attorneys who work in certain legal areas. In large cities, bar associations sometimes hold clinics where potential clients can speak to attorneys about case specifics.

Finding a Debt Help Lawyer

Many debt relief attorneys offer free or low-cost consultations, and some hold meetings over the phone. Clients should be ready to discuss the SBA Offer in Compromise. A competent attorney will consider the client’s financial status before offering specific advice. During the initial meeting, the client should ask the lawyer which services are provided and what the costs will be. While it may be tempting to hire a debt settlement company, clients should consider that these firms are not staffed by lawyers and they cannot offer legal advice.

Why Hire Us to Help You with Your Treasury or SBA Debt Problems?

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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

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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

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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.

$975,000 SBA 7A LOAN - SBA OIC CASH SETTLEMENT

$975,000 SBA 7A LOAN - SBA OIC CASH SETTLEMENT

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.

$150,000 SBA 7A LOAN - NEGOTIATED WORKOUT AGREEMENT

$150,000 SBA 7A LOAN - NEGOTIATED WORKOUT AGREEMENT

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.

$300,000 SBA 7A LOAN - SBA OIC TERM SETTLEMENT

$300,000 SBA 7A LOAN - SBA OIC TERM SETTLEMENT

Clients personally guaranteed SBA 7(a) loan balance of over $300,000.  Clients also pledged their homes as additional collateral.  SBA OIC accepted $87,000 with the full lien release against the home.

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