Have an SBA Debt Problem
Over $30,000?
You're in the Right Place.
Our SBA Debt Resolution Team will Help
You Regain Your Peace of Mind.
SBA Debt Attorney with Expertise in SBA Offer in Compromise | SBA Loan Modification | SBA Payment Deferment
In Life, Sh*t happens!
In every entrepreneur's journey, there are moments of pure triumph and periods of unexpected challenges. Your SBA loan promised a brighter future for your business. Whether it was the spark for launching your venture or the boost to propel your existing enterprise to new heights, that decision was a milestone, marking the path of growth and success.
But sometimes, the road to achievement is more rugged than we anticipate. Economic shifts, unforeseen market conditions, catastrophic personal events, or simply the unpredictable nature of business can transform yesterday's calculated risk into today's daunting obstacle. You find your business navigating through turbulent waters, struggling to keep pace with SBA loan payments.
SBA loan default basically has three phases. Check the box that describes your current SBA Loan status.
The business is struggling to make payments.
This is my current situation
The business has not made a payment within the last 90 days.
This is my current situation
The SBA loan is in default.
This is my current situation
1) If You Are Struggling to Make Payments
- Communication with Lender: The business owner should immediately communicate with their lender to inform them of the situation.
Early communication can be crucial in finding a feasible solution.
The borrower may request a forbearance or deferment, where the lender allows a temporary pause or reduction in payments. This is not guaranteed but can be negotiated depending on the lender's policies and the borrower's circumstances.
It's highly recommended to hire professionals like us. Think about it. An attorney has greater leverage than a business owner.
2) If Payments Are Missed
- Late Fees and Notices: If the business owner misses payments without any agreement in place, they will likely incur late fees and receive notices from the lender demanding payment.
- Loan Default: Continued non-payment can lead to the loan being declared in default. The timeline for default can vary but typically occurs after 90 days of missed payments.
3) Consequences of Default
- Demand for Immediate Repayment: The lender might demand the full repayment of the outstanding loan balance, including any accrued interest and fees.
- Credit Impact: Defaulting on the loan can significantly impact the business owner's credit score and the business’s creditworthiness, making it difficult to obtain future financing.
- Collateral Seizure: If the loan was secured with collateral, the lender has the right to take possession of that collateral to recover the outstanding debt.
- Personal Asset Risk: Many SBA loans require a personal guarantee, which means personal assets may be at risk if the business assets are insufficient to cover the debt.
- Legal Actions: The lender may initiate legal actions to recover the debt, which could lead to judgments against the business owner, potentially resulting in wage garnishment or seizure of personal assets.
- SBA Guarantee: If the loan was SBA-guaranteed, the lender would work with the SBA to pay off the guaranteed portion after exhausting recovery efforts from the borrower. The SBA then seeks to recover the amount from the borrower.
- Negotiation and Settlement: The business owner can negotiate with the lender for a modified payment plan, loan restructuring, or even a settlement for a lesser amount (Offer in Compromise) than what is owed. Lenders may be open to negotiation to avoid the lengthy and costly process of legal action.
SBA Debt Workouts?
A workout is a hard-nosed negotiation process where we work out a plan with the SBA to resolve your loan issues and limit any extreme actions by the SBA or the U.S. Treasury Department, like foreclosures, bank levies, wage garnishments, repossessions, or bankruptcy.
There are several types of SBA workouts, and choosing the right one is super critical
Offer in Compromise (OIC): Offer in Compromise (OIC) is a less commonly known, but potentially life-saving option for those facing significant financial distress... Show Me More
This process involves negotiating with the SBA to settle your loan for less than the amount owed. It's a complex procedure that requires proving financial hardship and demonstrating that you're unable to repay the full loan amount. Acceptance of an OIC can significantly reduce your financial burden, but it's critical to approach this option with expert guidance to navigate the negotiations successfully.
Loan forbearance (or deferment): With a loan forbearance, you can stop making payments or reduce your monthly payments for up to 12 months... Show Me More
Deferment is an option that allows you to temporarily pause your loan payments without defaulting. This can provide crucial breathing room when you're experiencing a temporary cash flow issue or financial hardship. It's important to note that interest may still accrue in these cases, but this option can give you time to stabilize your finances without the immediate pressure of loan payments.
Loan modification of repayment terms: Loan modification involves adjusting the terms of your SBA loan to make repayment more manageable... Show Me More
This could mean extending the loan term, reducing the interest rate, or changing the monthly payment amount. The goal is to create a new payment plan that aligns with your current financial capacity, making it easier for you to meet your obligations without overwhelming stress.
I'm here to be your SBA Workout Debt Problem Solver.
Larry Heinkel, J.D. LL.M.
Debt Settlement Attorney
U.S. Treasury Department of Defense since 1983.
“Let’s talk. I guarantee you’ll be sleeping better at night!”
I’m attorney Larry Heinkel, with 41 years of experience defending business owners against the U.S. Treasury Department debt problems.
We speak SBA language. I understand the ins and outs of the SBA's requirements like the back of my hand. When you reach out to us for assistance, we'll start by securing a Power of Attorney (POA). This lets us act on your behalf. We know how to talk to the other side. We'll make it clear that we're on your team and handle all your SBA negotiation details.
Your part: And what about your part in this? It’s true, a workout requires “consideration” from you. This might mean:
- correcting loan document errors,
- providing additional collateral,
- or types of concessions.
It sounds daunting, but with my expertise, I’ll help you understand every aspect of the agreement, ensuring you don’t make concessions that could harm you down the line. My job is to protect you.
Choosing the right workout option isn't just about avoiding default or bankruptcy. It's about securing the future of your business.
The process can be complex, you don't have to navigate it alone. We're here to review your loan documents, advise on potential legal consequences, and ensure that the "cost-benefit" analysis works in your favor.
Why choose us? Because our incredibly talented team has helped countless clients navigate their debt problems, avoiding bankruptcy and home foreclosure while resolving millions through Offer in Compromise and other negotiated repayment agreements.
What NOT to Do
- Don't ignore the problem; it will only escalate.
- Avoid taking on more debt to cover your current obligations.
- Don't attempt to navigate this complex process without expert guidance.
- Don’t use or commit additional personal assets to your business without first contacting us.
What To Do Next:
Talk to Us and Let Us Assess Your Situation: We’ll determine where you stand with your SBA loan. Knowing this is crucial in determining the next steps. Click the button below to schedule a callback conversation. You’ll be glad you did!
We’ll Review and Explain Your Options: We will educate you on the potential paths forward, including deferment, loan modification, and an Offer in Compromise (OIC). We’ll suggest your best path forward and help you make the best choice to ensure your success.
You’ll Sleep Better at Night Again.
We assure you we'll get you the absolute best outcome.
No more waking up at 2 AM worrying. No more avoiding incoming calls. No more worrying if an SBA officer is tracking you. We have your back.
SBA loan challenges can be overwhelming, but they're not insurmountable.
With the right guidance and expertise, you can navigate this difficult period and emerge with a plan that's both sustainable and aligned with your financial well-being.
You deserve a second chance, and we're here to help you seize it.
Roni D. from Nevada
Business Consultant for Attorneys who handle Tax, SBA, EIDL, and ERC debt workouts
"As a business consultant specializing in supporting tax and SBA/EIDL attorneys and their resolution firms, I've had the privilege of working with numerous professionals in the field. However, Larry Heinkel, the mastermind behind the SBA Debt Problem Solvers stands out as a beacon of brilliance and innovation. Show Me More
When I began working with Larry, I was immediately struck by his profound understanding of the complexity of debt resolution.
His approach to solving his clients' problems is nothing short of exceptional.
Larry possesses a unique ability to navigate the intricate maze of regulations, crafting strategies that are not only effective but ingeniously tailored to each client's specific situation.
What impresses me the most about Larry is his unwavering commitment to his clients.
He approaches each case with a level of dedication and passion that is rare in the industry.
Larry's solutions address the immediate issue and set a foundation for his client's long-term financial health.
His work ethic and creative problem-solving skills have consistently resulted in remarkable outcomes for his clients.
Moreover, Larry's empathetic nature and exceptional interpersonal skills make him a trusted advisor and ally to those facing daunting tax challenges.
He has a remarkable ability to make his clients feel understood and supported through what can often be a stressful and overwhelming process.
In my professional opinion, Larry Heinkel and the team at the SBA Debt Problem Solvers represent the pinnacle of excellence in tax resolution.
I am continuously impressed by Larry's depth of knowledge, innovative approach to problem-solving, and genuine care for his clients' well-being.
Anyone facing tax-related difficulties would be fortunate to have Larry and his firm on their side.”
Our Team of SBA Loan Settlement Specialists are Highly-Experienced Negotiators in Offer in Compromise and Other Effective Solutions. You'll Want Us on Your Team.
LARRY HEINKEL, J.D. LL.M.
SBA DEBT SETTLEMENT &
BANKRUPTCY ATTORNEY
APRIL SERRANO, E.A., CTRS
President & Partner
PETER R. LAZZARI, CPA
SENIOR TAX DIRECTOR
DEANN L. WOJCICKI, CPA
ASSOCIATE DIRECTOR,
CLIENT ACCOUNTING SERVICES
With our SBA Debt Loan Workout Team You Get:
Choose the Heinkel Law Group (SBA Problem Solvers) team for a compassionate, comprehensive approach to resolving your tax challenges. With decades of experience and a commitment to personalized service, we're here to guide you through every step of the process.
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