SBA Offers in Compromise
Repaying Your Small-Business Loan
Going into business can be an exciting pursuit, especially if you are granted a 7(a) loan from the federal Small Business Administration (SBA) to help you get started. Unfortunately, not every business endeavor works out the way you had hoped, and you may find yourself going out of business or simply being too far in debt to make your payments. No matter the reason, if you have defaulted on your loan you should consult with a skilled bankruptcy attorney in Overland Park to discuss your options.
Wellman Law, LLC boasts 12+ years of dedicated bankruptcy experience. Call (913) 225-8240 to schedule a free confidential consultation today.
Pursuing a Small Business Administration Offer in Compromise
When your business is struggling or shutting down, there are many different concerns running through your mind. For example, liquidating your business assets or the possible seizure of assets can be extremely stressful and emotional for a business owner. You may not even think about the fact that you have assets or money at stake with the SBA, and that it will want to collect. An SBA Offer in Compromise is a process in which, when your small business is in financial trouble and you do not have the means to make good on the loan, a settlement or renegotiated terms are reached.
A few factors will be considered during the Offer in Compromise process, such as:
- What ability, if any, you have to pay
- Any economic or personal hardships
- Time and cost required for litigation
- If any exemptions apply
If you’ve already liquidated your business assets but have not yet begun litigation, you have a short period of time to request an SBA Offer in Compromise. Call Wellman Law, LLC right away for a confidential case consultation at no charge. Trust our experienced attorney to help you resolve whatever loan deficiency exists or negotiate the amount down to a small fraction of what you owe.
When the Small Business Administration is putting pressure on you, contact our bankruptcy lawyer in Overland Park at (913) 225-8240 for assistance.