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 […]
2010 December
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 […]
SBA Loan Default: Does this mean Bankruptcy for the Business Owner?
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 […]