Feeling Swamped by SBA Loan Payments? The Solve Debt Relief Can Help
Look, these are tough times, there’s no denying it. It feels like you’re drowning in SBA loan payments and your business seems to be moving closer to the edge of the cliff. You’re not alone and most importantly, you’ve got options. The Solve Debt Relief can guide you to a lifeline that might just push your business back from the brink. This lifeline is called an SBA Offer in Compromise (OIC). It’s a way to untie the knot around your neck, by allowing you to settle your SBA loan obligation for less than the total balance.
So, What’s This Offer in Compromise About?
Let me break this Offer in Compromise down for you. The SBA doesn’t just approve all requests for a settlement. That’s why you need a seasoned professional like Todd Spodek and his team to go to bat for you.
An OIC is simply agreeing with the SBA to pay less than what you owe. This can be a big relief if your SBA debt feels like an anvil around your neck. The SBA will check out your payback ability, your present income and expenses, and assets you have tucked away. Usually, they accept an OIC claim when the amount you offer is the maximum they feel they can collect within a certain time frame.
However, the OIC process isn’t for everyone lagging behind on SBA loan payments. If you’re on the verge of filing for bankruptcy, don’t file for an OIC. It’s also noteworthy that the support of a skilled and experienced SBA advisor can greatly simplify the application process.
OIC – It’s More Than a Mere Haggling Game
Now, the Offer in Compromise program is legit and can offer a fresh start to businesses in a financial bind. The SBA doesn’t want to collect the debt forever. They know that some folks simply can’t pay off their full SBA loan. That’s why they set this program up.
But, remember this is not a diplomatic process, nor a stage to test your negotiation skills. This is not an episode of Shark Tank. You can’t just walk into the SBA, make a lowball offer and expect them to bite. Also, playing hardball doesn’t work either.
The SBA uses “litigative risks,” – a blend of math and legal elements to figure out if a settlement offer makes sense. They apply a formula looking at your allowable expenses, assets, and income to shape the conditions of an OIC. So, this isn’t up for discussion. That’s why having a legal expert to help you fill in the blanks and assert your legal defenses can be invaluable.
Fear Not, You Have Options
An experienced SBA attorney, like Todd Spodek, can help you navigate the number crunching and legal strategies when you opt for a settlement. They’re well-versed with the SBA’s criteria. They know what expenses you can legally deduct and which ones you can’t.
There are some blurred lines here, but a skilled attorney can clear it up for you. Be cautious about anyone who claims they can secure an Offer in Compromise without understanding your unique situation.
Nevertheless, if you’re out of options, fraught with little assets, moderate lifestyle and facing financial catastrophe, an Offer in Compromise might just be your ticket out of trouble.
Let Solve Debt Relief Steer You Towards Relief
By now, you should have a clear understanding about the SBA Offer in Compromise program. What you need is a guide that can help you navigate the stormy seas of this process.
The Solve Debt Relief has effectively represented small business owners and federal debtors across the United States. On their watch, they’ve helped businesses claw back from millions of dollars in debt.
Moreover, we’ve resolved millions of dollars in SBA debts via compromise and negotiated repayment agreements. You won’t be forced to file for bankruptcy or face losing your home.
Our attorneys are authorized to represent federal debtors nationwide before the SBA, The SBA Office of Hearings and Appeals, the Treasury Department, and the Bureau of Fiscal Service.
Discover your best shot at resolving your SBA-induced financial woes. Reach out to the Solve Debt Relief for a case evaluation or connect with us online.
SBA Debt: When To Seek Out An SBA Offer In Compromise