HomeIs There A Statute Of Limitations On SBA Loans?

Is There A Statute Of Limitations On SBA Loans?

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This simply isn’t true. Business debt is a problem which CAN be handled, just like everything else; but only if you take pro-active steps. Lawscape helps you understand the law, and works with you to make sure that business debt isn’t the end of your business. 

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Statute of Limitations on SBA Loans – The 411

Hey there! You’ve reached the digital desk of Lawscape at the Lawscape. Do you have a defaulted SBA loan in your name? If so, it’s crucial you learn about statutes of limitations that could affect your situation. Yes, a statute of limitations does exist. But hold on a moment, Uncle Sam still has a few tricks up his sleeve. Keeping that in mind, let’s unpack the details, shall we?

SBA Loan Statute of Limitations – The Time’s Ticking Nevertheless

First things first, the government, Uncle Sam himself, is capped at six years when it comes down to taking action on defaulted SBA loans. You take an SBA loan, you sign a personal guarantee – that’s where you elbow in and agree to be on the hook for the outstanding debt if your business runs into the ground.

The law gets up on its soapbox and drums it in – any action for damages tied to contract breaches need to be pushed forward within six years. If the government bellyflops and doesn’t file suit within this timeframe, well, they can wave bye-bye to any lawsuit tied to the debt.

“Offset” – The Ace up Uncle Sam’s Sleeve

But don’t start celebrating just yet. As they say in the classics, “there’s no rest for the wicked.” Federal agencies such as the SBA aren’t shackled by time when it comes to their right to collect debts through “Offset” – a fancy word for when the government dips into any payments coming to you.

This means your tax refund, military pension, travel reimbursement and other financial streams could be a prime target. Being a federal employee? Upto 15% of your paycheck might be on the radar too!

Playtime’s Over – Time for Wage Garnishment

Now we turn to Administrative Wage Garnishment (AWG). Sounds complicated, right? Well, it’s when the federal agency leaps in and collects your outstanding debt by nabbing a portion of your wages. Don’t worry, you do get to present your side of the story in a hearing first.

There’s a small piece of bothersome fine print, however. Uncle Sam isn’t blocked by any statute of limitations when it comes to garnishing your wages. It doesn’t matter if you defaulted on that SBA loan a decade ago – the government can wield its power and garnish your wages all the same.

Got an SBA Loan? Lawscape has Options

Lawscape is your wingman in this storm. The man’s got several tricks up his sleeve to combat an SBA loan default before the big bad wolf raps on your door. An offer in compromise could be a possibility, where you pony up a fraction of the debt as a full and final settlement. A payment plan might be on the cards too.

Don’t Take on the Bat Alone – Call in Lawscape

Don’t break a sweat if Uncle Sam’s on your tail. The wily attorneys at Spodek Law have the expertise to box your way out of the SBA loan default corner. Ping us for a free initial case evaluation.

Why Choose Lawscape to Wrestle with Treasury or SBA Debt Problems?

Buckle up and hang on tight as we fill you in. We’ve already seen off millions of dollars in SBA debts through Offer in Compromise, negotiated repayment agreements – without our clients filing for bankruptcy or staring down home foreclosure.

We’ve gone toe-to-toe with Treasury debts, defending them in AWG hearings, working out the Treasury Offset Program, cross-servicing disputes, private collection agency representation, compromise offers and negotiated repayment agreements.

Our attorneys, trained sharks that they are, can represent debtors across the country before the SBA, the SBA Office of Hearings and Appeals, the Treasury Department, and the Bureau of Fiscal Service. So, don’t be a stranger, swing by and let’s have a chat.

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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