SBA Loan Default: Bankruptcy
Dealing with an SBA OIC case can be hard. You should allow one of our lawyers to settle SBA debt on for you. Talk to us about your SBA loan default today.
If you are struggling to make your monthly SBA loan payments, you are not alone. Many business owners have turned to Protect Law Group for help. We are a team of experienced SBA loan attorneys who specialize in helping our clients resolve their SBA debt. In this blog post, we will be discussing four types of SBA debt resolution services that we offer. Keep reading to learn more and contact us today to get started with our SBA debt resolution services!
If you are being sued by the SBA, we can help. We will review your case and determine the best course of action. We may be able to get the lawsuit dismissed or settled for a fraction of what you owe.
We can help you modify your loan terms so that you can afford the monthly payments. We will work with your lender to try to get a lower interest rate, extended repayment term, or both.
If the SBA has placed a lien on your property, we can help you get it released. We will negotiate with the SBA to try to get the lien removed. Our team is experienced with SBA loans so contact us today to get help with a lien on your property!
If you are unable to afford the monthly payments on your SBA loan, we can negotiate a repayment plan with the SBA. We will work with you to try to get a lower monthly payment that you can afford.
If you are struggling to make your monthly SBA loan payments, contact Protect Law Group today. Whether you need help with loan modifications or repayment plan negotiations, we can help you resolve your SBA debt and get back on track. Book your consultation call today to get started!
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' 7(a) loan was referred to Treasury's Bureau of Fiscal Service for enforced collection in 2015. They not only personally guaranteed the loan, but also pledged their primary residence as additional collateral. One of the clients filed for Chapter 7 bankruptcy thinking that it would discharge the SBA 7(a) lien encumbering their home. They later discovered that they were mistakenly advised. The Firm was subsequently hired to review their case and defend against a series of collection actions. Eventually, we were able to negotiate a structured workout for $180,000 directly with the SBA, saving them approximately $250,000 (by reducing the default interest rate and removing Treasury's substantial collection fees) and from possible foreclosure.
Small business and guarantors obtained an SBA COVID-EIDL loan for $1,000,000. Clients defaulted causing SBA to charge-off the loan, accelerate the balance and refer the debt to Treasury's Bureau of Fiscal Service for collection. Treasury added nearly $500,000 in collection fees totaling $1,500,000. Clients were served with the SBA's Official 60-Day Notice and exercised the Repayment option by applying for the SBA’s Hardship Accommodation Plan. However, their application was summarily rejected by the SBA without providing any meaningful reasons. Clients hired the Firm to represent them against the SBA, Treasury and a Private Collection Agency. After securing government records through discovery, we filed an Appeals Petition with the SBA Office of Hearings & Appeals (OHA) court challenging the SBA's referral of the debt to Treasury. During litigation and before the OHA court issued a final Decision and Order, the Firm successfully negotiated a reinstatement and recall of the loan back to the SBA, a modification of the original repayment terms, termination of Treasury's enforced collection and removal of the statutory collection fees.
The clients are 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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