HomeWhen To Seek Out An SBA Offer In Compromise

When To Seek Out An SBA Offer In Compromise

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Time to Consider an SBA Offer in Compromise?

Between you, me and the lamppost, it ain’t easy running a business these days. With everything life’s been throwing our way, keeping up with SBA loan payments is nothing short of a tightrope walk. If you’re finding yourself in a pinch and facing financial instability, well, my friend, you may want to consider an SBA Offer in Compromise, or an OIC.

OIC could be your ticket to settle your SBA loan at a lesser amount than the total balance. Sounds interesting, right? Let’s dive deeper into understanding what an OIC is and when it might be the right choice for you.

Demystifying SBA Offer in Compromise

Boy oh boy, the SBA doesn’t just hand out OICs to anyone and everyone. It’s kinda like winning a lottery, but with a lot more math involved. To navigate the murky waters of an OIC, it’s wise to form an alliance with someone who’s been around this block before—a professional who knows the ins and outs of it.

An OIC is a great plan B if you’re in a pickle and can’t clear off your SBA debt in full. Let’s say, for instance, the prospect of paying your SBA loan guarantee has got your wallet shaking in its boots. In such cases, applying for an OIC may help you find solid ground.

Whether your OIC application gets the green light will depend on certain factors. The SBA folks wear their Sherlock Holmes hat and scrutinize your ability to meet obligations. They’ll take a good hard look at your current income, expenses and scan through your asset portfolio. Basically, if they reckon they can collect a reasonable amount from you within a certain timeframe, chances are, your OIC could be approved.

Just a heads-up, though, an OIC isn’t a “one size fits anyone who’s in an SBA debt” solution. If you’re thinking about filing for bankruptcy, you might want to hit pause on the OIC application. That’s why it is crucial to get some seasoned professional on board when planning to apply for an OIC. And, just as important, make sure they have enough skills and experience to lend you a hand.

How to Get Help with an Offer in Compromise?

Believe it or not, the SBA’s OIC program is as legit as they come. They’re not fans of sticking around for ten years waiting to collect payments. Being the reasonable bunch they are, they understand that some folks simply can’t squeeze out the full SBA loan payment.

That’s where the OIC program steps up to the plate. It’s like a golden ticket for certain individuals and businesses to press the restart button. Here’s how it goes – the SBA accepts a settlement, and the rest of the debt is wiped off the slate.

But don’t go thinking the OIC application is a poker game or a place to flex your negotiation muscles. Remember, you’re dealing with folks who play strictly by the rules.

You see, some folks get the idea they can use their charming negotiation tactics to get a sweet deal from the SBA. They might begin with a severely low offer, or worse still, play tough and walk away from discussions more than once. Nice try, but this ain’t gonna cut it.

The SBA isn’t open to haggling; they stick to their ‘litigative risks’ formula. They crunch numbers and legal factors to work out the terms of an OIC based on your allowable expenses, assets, and income. It’s a standard calculation, and no shifty negotiation tactics will move the needle one inch.

That’s why folks in this business can’t stress enough how essential it is to have a legal pro by your side. They’ll help you apply the formula right and bring up legal defenses in your favor.

You Certainly Have Options

With a suave SBA attorney like Lawscape guiding you, you won’t need a magic calculator to figure out the right amount to request in a settlement. He’s a whiz who knows all about the SBA’s standards. For instance, he can advise you on what expenses you can knock off and which ones don’t pass muster.

Sure, there could be some gray areas, but they’re never far from the clear guidelines of allowable expenses. The rule of thumb is to steer clear of anyone who guarantees an OIC approval without getting a handle on what your situation is. But if you’re down to your last dime, living modest, and wrestling with financial woes, an OIC could be your lifesaver.

We’re Ready to Dunk Your Debt Troubles

So there you have it, a crash course on the SBA Offer in Compromise program. Now you need a trusted attorney, someone like Lawscape at the Lawscape, to guide you through the twists and turns.

Back in the day, they’ve helped countless small biz owners and federal debtors clear millions of bucks in debt, all across the United States.

So, curious about the right solution for your SBA debt woes? It’s time to give a ring to Lawscape at The Lawscape today or connect with us online for a case evaluation.

Why Choose Lawscape for Your Treasury or SBA Debt Problems?

Shuffled through mountains of SBA debts via OIC and navigated tricky repayment agreements – and all this without making clients file for bankruptcy, or worse, face home foreclosure

Stand up against big bucks in Treasury Debts using tools like AWG Hearings, Treasury Offset Program Resolution, Cross-servicing Disputes, and representation against Private Collection Agencies, Compromise Offers, and Negotiated Repayment Agreements

Authorized by the Agency Practice Act to represent Federal Debtors all over the USA, from the SBA to 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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