HomeCommon Mistakes To Avoid When Applying For An SBA Offer In Compromise

Common Mistakes To Avoid When Applying For An SBA Offer In Compromise

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Stepping with Caution: Dodge These SBA Offer in Compromise Blunders

Alright, let me explain something. When you’re dealing with Small Business Administration (SBA) offers in compromise, it’s quite like navigating a maze. Entrepreneurs often find themselves ensnared in layers of intricacy and befuddlement. But with guidance and a touch of wisdom, it’s avoidable. As part of our endeavour to help you out with this, we’ve put together a blueprint for avoiding common slip-ups during the SBA offer in compromise application journey.

Not Enough Documentation

Take my advice: Documentation is the kingpin. When it comes to the SBA offer in compromise, lackluster or incomplete paperwork can be a real kick in the teeth. It could result in setbacks, refusals, or – worst-case scenario – your application being chucked out. Make sure that you’ve got your ducks in a row, documents-wise. That would mean having your financial statements, tax returns, bank statements, and any other essential stuff on hand. Adequate documentation solidifies your stance and adds weight to your case, boosting your shot at success.

Eligibility Criteria: MIA?

The SBA lays down set in stone eligibility criteria that must be met for an offer in compromise to be even considered. An all too frequent blunder happens when you jump in without checking off these criteria boxes, landing you a rejection ticket. Go through the SBA’s rules of the game and eligibility pre-requisites before any roll of the dice. Comprehending these rules and aligning your approach with them can propel you towards victory.

There’s More Than Meets the Eye in Asset Valuation

Valuing your business assets correctly is cardinal for a victory on the SBA offer in compromise battleground. Overdoing or underdoing the assessment of your assets could have a domino effect, impacting your application’s fate. It’s smarter to turn to pros who can lend an impartial viewpoint on the worth of your assets. A spot-on valuation reflects transparency and trustworthiness, enhancing the likelihood of your offer getting the thumbs up.

Fumbling on the Reasonable Collection Potential

Guess what’s playing a central part in SBA offer in compromise evaluations? The reasonable collection potential (RCP). RCP is a measure of how much you’re capable of repaying based on your income, expenditures, assets, and liabilities. An often overlooked factor, it can trip you up, rendering your application flawed. Get your head around RCP and make sure your math accurately mirrors your actual repayment capacity.

Communication Breakdown

When it comes to hashing things out with the SBA, killer communication and negotiation skills are mission-critical. A bunch of applicants underestimate the significance of clear, to-the-point, and convincing communication throughout this journey. Spend quality time crafting a professionally put-together application that spells out your financial circumstances, the hardships you faced, and your suggested resolution. By clearly stating your case and putting forth a compelling argument, you upgrade your chances of acceptance.

Missed Deadlines and Half-baked Applications

When it comes to the SBA offer in compromise, timelines are sacrosanct. Fumbling on a deadline or turning in an unfinished application can lead to an immediate thumbs-down. Safeguard against this blunder by scrutinizing the pre-requisites and making sure that all required papers are in the mix. Set alarms for critical submission dates, leaving room for possible hiccups. With a comprehensive and punctual application, you highlight your dedication and professionalism to the SBA.

Going Solo

Charting out the SBA offer in compromise territory can be daunting. One of the game-ending mistakes is trying to brave it alone, without seeking professional counsel. Consulting with seasoned pros who’re specialists in SBA offers in compromise can provide priceless advice and spare you expensive missteps.

Why Lawscape and the Lawscape?

With years of experience in dealing with the SBA, Lawscape and the Lawscape are ready to take your case head on. Contact us today and we’ll set up a case evaluation.

Throughout the years, we’ve helped define resolutions for a multitude of SBA debts via offer in compromise and negotiated repayment agreements, without having to resort to bankruptcy or foreclosing homes.

We’ve tackled millions of dollars in Treasury debts, offering solutions through AWG Hearings, Treasury Offset Program Resolution, Cross-servicing Disputes, Private Collection Agency Representation, Compromise Offers, and Negotiated Repayment Agreements.

Our attorneys are authorized to represent Federal Debtors across the United States before the SBA, The SBA Office of Hearings and Appeals, the Treasury Department, and the Bureau of Fiscal Service.

Lawscape Can Help You Manage Your Business Debt

If you’re struggling with business debt, we can help you understand your situation. During the initial consultation, we’ll go over the contract, and other legal documents you signed. After that, our firm will work with you to get a better understanding of your situation, and help you come up with a game plan that keeps your business alive. 

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Everyone has different types of business debt. What matters is that you take it seriously. Regardless of whether it’s secured, or unsecured, you need to work with a firm that understands how to negotiate, reduce, settle, and manage, this business debt. 

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We are here to help you, and want nothing more than to help you save your business. Speak to our business debt relief specialists today.

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