If you have recently received the 60-Day Official Notice from the SBA offering you the opportunity to petition for an administrative review of the debt, make an offer in compromise or enter into a repayment agreement for an SBA loan default you may not know which way to turn. Not only has your SBA debt come back to haunt you but if you fail to respond to the 60-Day Official Notice within the stated time frame, your case will be cross-referred to the Department of Treasury’s Bureau of Fiscal Service, where the Government will add an amount up to 30% of the original SBA debt balance as “administrative fees and costs.”
You may feel a certain type of paralysis because the federal government is looking to collect more money than you will ever be able to pay back in your lifetime. The first step you need to take is perform a proper investigation and an analysis of your legal defenses, where applicable.
The SBA does not need to go to court and prove its case before a jury or judge like a private creditor when it pursues you through the federal agency system. You do not receive your “day in court” to argue your case when the federal government is your creditor. The SBA has unilaterally decided that you owe the debt. The SBA does not send you any documents that prove you owe the debt and the federal government certainly does not provide you documents that may exonerate you from liability. The SBA may have hundreds (if not thousands) of pages of documents related to your case, which you have a right to inspect and review.
To get your day in court, so to speak, you have to figure out what documentary evidence is available and the legal defenses you can assert. An SBA Attorney can conduct such an investigation through the administrative discovery process, review the records and then advise you of your options. Once you know your options, you can make an informed decision on how to resolve the claimed debt.
Before filing bankruptcy and ruining your credit or taking another path, you should consider having one of our SBA Attorneys conduct a proper investigation of your SBA debt and determine if there are better alternatives.
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