2010

Bank Workout – What does it Mean for an SBA Loan?

You’ve been late on your small business loan a few months now when the phone call comes.  You initially think it’s just your loan office calling once again to try to squeeze some blood from the stone.   But this time it is someone else from the […]

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When in Default on SBA Loan, does it make sense to hire a Lawyer?

When a struggling small business owner misses a payment on an SBA loan, it is flagged as a troubled loan by the bank.  Most of my clients have been diligent about communicating with their bank, so the bank is not really surprised by this event.  However, my clients […]

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SBA Loan Default: Does this mean Bankruptcy for the Business Owner?

December 9, 2010
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I frequently am asked this question from concerned business owners: “If I default on my SBA loan, and the bank calls the loan, do I have to declare bankruptcy?”

The answer is a resounding “NO!”

Bankruptcy is only necessary in certain situations.  Many, if not most, situations of […]

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SBA Offer In Compromise (OIC)…how to Submit for Approval

So your company failed, and now the bank is asking about your personal assets as a way of collecting on the personal guarantee you signed.  What do you do?  Well one option is to prepare and submit an Offer In Compromise (OIC).   What is this?  It is a […]

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