Any time you have problems paying your SBA loan, you would need to consider seeking professional help. You would need to make sure that you take action and make sure that you move with speed bearing in mind that the longer you take to address the issue, the higher the chances that you will get into further problems which come with more costs and fees. You would need to be sure that the debt attorney you hire has what it takes to guide you. It would be essential to know that a debt lawyer who has been dealing with SBA loan cases has higher chances of best representing and guiding you.
One of the actions the attorney may take is recommended that you pay a given portion to the SBA such that the SBA considers the debt as paid to make the debtor not to come to you for collection. For you to pay the amount to SBA, you would need to have the loan in question under the liquidation status category. It would also be essential to be sure that you are not bankrupt. This strategy may be applied in a case where the amount to be collected is lesser than the cost that may be incurred in the collection process. One may need to consider seeking a debt lawyer's help in a case where he or she is unable to meet the time requirements towards paying the loan in question. In a case where one is ill and paying off the loan may lead to financial hardship, one may need to consider help from a debt lawyer.
The debt attorney may also come in in a case where the debt in question cannot be recovered within any reasonable period. The lawyer would need to prepare to prove that his or her client is not capable of paying the loan in question within any reasonable time. One would need to note that the bigger the loan, the higher the chances that the lawyer will have an easier time proving that it is not payable within any reasonable time. Know about sba offer in compromise here!
It would also be essential to note that you can also consider hiring a lawyer who can establish a significant litigative risk. The litigative risk happens where there are real doubts that litigation may have problems prevailing in court due to factual or legal issues. It would be essential to consider hiring an experienced lawyer especially where you are trying to identify litigative risks. The lawyer would need to prove that there are litigative risks for your case to sail throug. Check out this website at https://www.britannica.com/topic/common-law for more info about lawyers.
You may also need a debt attorney who can prove that the debt in question has a better recovery method when compared to the enforcement method. In such a case, one would need to consider hiring a highly experienced sba loan default attorney to perform a convincing analysis.
