Did you know about the Federal Law passed in 2008 & signed into law by the United States President which can eliminate your SBA statute of limitations defense?
Under the Federal statute of limitations (28 U.S.C. 2415(a)), an action by the Government to recover upon a contract is barred unless filed within 6 years from the date a cause of action occurred. The date of the accrual of the cause of action may be subject to various interpretations. However, in the event of…
Read MoreTribute Post in Honor of the 9/11 victims and the Red Bandanna Hero from Boston College
On this day, September 11, 2013, as another anniversary year goes by from that fateful day that changed the lives of so many, 9/11/01, let us remember those who died from the attacks and honor the courageous, strong and brave individuals who did what they could to help those survive and live another day. On…
Read MoreSBA Short Sales
SBA short sales occur when the property securing an SBA loan is sold for less than the loan amount. An SBA short sale does not end your obligation as an obligor on the loan and you may need to contact an SBA attorney to discuss a possible SBA offer in compromise of your debt. For…
Read MoreKnow Your Adversary: Video Discussing SBA Lender Liability During an Offer in Compromise
As part of our continuing objective to try and even out the playing field – or, battleground for those with an SBA loan default and need some background information, we will be posting videos, articles and commentary on some of the tactics and strategic mental impressions that lenders (and their lawyers), the CDC, the SBA…
Read MoreSBA Debt Collection
https://www.youtube.com/watch?v=Kb1n1jva2b8 SBA debt collection litigation includes judicial and nonjudicial foreclosures, bankruptcy and other federal and state insolvency proceedings, and lawsuits to collect on the 504 Note or Guarantees. This video outlines the basic collection process. If you are in default on your SBA loan, you need to contact www.SBA-Attorneys.com to contact an experienced SBA attorney…
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Sun Tzu: Know Your SBA Adversary
The ancient Chinese warrior Sun Tzu taught his men to “know your adversary” before going into battle. For if “you know your adversary and know yourself,” he wrote, “you need not fear the result of a hundred battles.” But, Sun Tzu warned, “If you know yourself but not the adversary, for every victory gained you…
Read MoreSBA Liquidation of 504 Loans
If you are in default on your Small Business Association guaranteed loan, the SBA will, through its Certified Development Company (CDC) move to liquidate the loan. The video describes briefly the SBA liquidation process. If you are in default, or about to default, on your SBA loan you need an SBA attorney. Contact Protect Law…
Read MoreSBA Loan Explained – The 7(a) Loan
If you obtain an SBA loan – specifically a 7(a) loan, you can use the loan proceeds to help finance a great variety of business expenses. However, there are a few restrictions. For instance, loan funds can’t be used to purchase an asset to maintain for its potential increased value or to reimburse an owner…
Read MoreAnatomy of an SBA SOP 50 57 Loan Workout
SBA SOP 50 57 defines “workout” as “the debt collection and negotiation process as well as the final plan agreed upon by a creditor and debtor with regard to how the problems and issues surrounding the debtor’s delinquent obligation to the creditor can be ‘worked out’ or resolved.” https://sba-attorneys.com/wp-content/uploads/2013/07/anatomy-of-an-sba-sop-50-57-loan-workout.mp4 There are several alternative workout strategies…
Read MoreThe SBA Charge Off and Referral
https://www.youtube.com/watch?v=9mn40g6t760 If your SBA loan is in default your loan is subject to what is known as SBA charge off and referral to the Treasury Department. The Treasury Department can take severe action to collect on the debt – taking your tax return, garnishing your wages, etc. This is a huge problem for the…
Read MoreSBA Default and Offer In Compromise.
Having an SBA loan default can be a daunting and confusing situation. Protect Law Group is a law firm that specializes in SBA loan default assistance. We will work with you to achieve a solution to your SBA default problem, which may include an SBA offer in compromise of your debt. You need an experienced…
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