Facing a business failure is most definitely not a fun experience. However, the sooner you act and get your affairs and accounts settled, the sooner you'll be able to move on with your life. Protect Law Group is a California-based SBA attorney who helps business owners whose SBA loans are in default. Below, learn what not to do if you are facing an SBA loan default. Call for a free consultation today!
Avoiding your lender sends the signal that you have no intention of paying one single dime. This will either result in you being sued by your lender or having the SBA come after you, which could result in severe consequences for the rest of your life, including having your wages garnished, as well as your federal tax refund taken.
If your business is losing money every month and you are beginning to use credit cards to pay the bills and you are looking into taking out a home equity loan, then it's time to call it quits. Taking on more debt will only put you further into a hole.
If your SBA loan and other business loans are in default, do not sell your business assets. If you hope to settle with the SBA and your other lenders, you have to have something to offer, and if you sell your business assets to pay the bills, you have nothing at the end of the day.
Trying to get around the federal government is just not a good idea. They have seen every trick in the book, and, odds are, you will get caught. When that happens, you can expect the book to be thrown at you with a closed door to negotiations. Don't try to sell your business or otherwise mislead your lender in any way.
Protect Law Group is a group of SBA lawyers who help you when your business is in default on an SBA loan. It's always best to follow the laws, and with the help of a top-rated SBA debt resolution attorney, you can settle your loan and not walk away broke. Call for a free consultation 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 $58,000. The client received a notice of Intent to initiate Administrative Wage Garnishment (AWG) Proceedings. We represented the client at the hearing and successfully defeated the AWG Order based on several legal and equitable grounds.
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 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.
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