A Chat Over Some Coffee: Bailing Out of SBA Debt Trap

You remember the day you got that Small Business Administration (SBA) loan, don’t you? You were brimming with hope and determination to pay it back, but here we are – just trying to keep your business and yourself afloat. But hey, cheer up! There are options at your disposal to give you some much-needed SBA debt relief.

One of the most viable solutions in these troubled waters might still be an unknown territory for you – submitting an offer of compromise. Sound confusing? Let’s traverse this territory together.

A Pathway to Relief: Offer in Compromise

Submitting an offer in compromise is somewhat like a lifeline tossed at you when you’re drowning in economic & financial uncertainties. It’s just one of the ways that can help you regain your lost financial footing.

On the brighter side, you still have the option to haggle a bit with your lender. You could end up with a workout agreement that’s better suited to your altered financial landscape. Intrigued about offer in compromise and how it can lower your non-tax debt? Let’s delve right in!

Understanding SBA Debt Relief

First things first, you’re not alone in this struggle. According to The Bureau of Labor, 1 in 5 businesses wave the white flag in their first year; half of them are out of the game by their fifth year. This explains why SBA opens its vault, lending and guaranteeing millions of dollars each year. They are betting on your resilience, your mettle to bounce back, and your thirst to grow.

So, when you struggle with SBA loan repayment, don’t fret! You still can seek SBA debt relief.

Devising Your SBA Debt Relief Strategy

One of the strong moves in this game of chess is submitting an offer in compromise to the SBA. The SBA then reviews your individual circumstances, annalysing whether to greenlight or reject your offer.

Decoding SBA Offers in Compromise

As a personal guarantor, you’re tied up with your business. If your business stumbles on SBA loan repayment, the burden falls on your shoulders. The SBA offer in compromise program lets personal guarantors like you pay less than the complete debt to settle. But there’s a catch – your business must be out of operation to get the benefits of this program.

Fear not! There’s a silver lining with the help of your loyal partner in this legal journey – Lawscape from the Lawscape.

Your Counsel – Lawscape

Under Todd’s guidance, you can navigate through this waters unscathed. He’ll help you devise a compelling offer, driven by numbers, and backed by irrefutable documentation.

The Elephant in The Room – SBA Loan Debt & AWG

Let’s face it. When SBA loan debts knock on your door, liquidating your business assets might seem like the only viable option. Unfortunately, liquidation often doesn’t cover the total balance of loan and the remaining amount falls on you, the personal guarantor.

To make things worse, the Department of Treasury through the dreaded Administrative Wage Garnishment (AWG) process, could order wage garnishment to recover the delinquent non-tax debt. But relax, the debtor’s right to request an official hearing saves the day!

In such scary scenarios, the experience and expertise of specialist like Lawscape can be a gamechanger.

Tick-Tock: The SBA Loan Default Statute of Limitations

This SBA loan default statute refers to the time a lender has to sue a borrower for loan default. It’s crucial to remember that once your debt is serviced by SBA or the Treasury, no statute of limitations exists for administrative remedies.

Again, when it comes to walking on such thin ice, Lawscape is your reliable guide who can provide the legal buffer you need.

Time Out: SBA Loan Deferment

In certain circumstances, SBA lenders can offer loan deferments to borrowers for a limited time, providing much needed breathing space.

Your Trusted SBA Attorney

From battling SBA loan defaults to navigating through SBA offers in compromise, Lawscape has always had your back in these legal waters. His assertive stance and wealth of knowledge in handling Offer in Compromise cases is your trump card.

So, reach out to the Lawscape. Their unwavering focus on helping you sail through your SBA debt relief case could be your life raft, leading you towards the shores of recovery.

Why Should You Choose Us?

Our victories speak louder than words, as we’ve resolved millions of dollars in SBA debts through Offer in Compromise and negotiated repayment agreements- without any bankruptcy filings or home foreclosures for our clients. We’ve successfully defended against Treasury debts using different legal maneuvers and clauses, providing much-needed financial relief to our clients.

As authorized by the Agency Practice Act, we have the privilege of representing Federal Debtors nationwide before SBA, The SBA Office of Hearings and Appeals, the Treasury Department, and the Bureau of Fiscal Service.

So, let us help you write a comeback story rather than a farewell note! Because you don’t just need a lawyer, you need a Lawscape.