Your EIDL loan may be able to have its terms changed to something more reasonable for you. We will carefully examine all aspects of your financial situation, including your earnings, outstanding obligations, and operating costs. Our objective is to determine just how much you can reasonably afford to pay each month without placing an excessive burden on your company.

We will immediately negotiate with the SBA and persuade them to modify the terms of your loan to better suit your current financial situation based on the facts provided. This can involve lowering your monthly payments or extending the loan’s term to give you more time to pay it off and less monthly strain. In certain instances, it might also be feasible

We might be able to settle your loan for less than what you presently owe the SBA if we can show them that your financial circumstances prevent you from being able to pay the entire amount. We will put together comprehensive financial papers that demonstrate to the SBA that taking a lower payment is also in their best interests. These will include cash flow analysis, asset valuation, and estimates of your future income.

It is a compromise, as the term implies, meaning that we must identify a middle ground. At the same time that we must ensure you are not burdened beyond your means, the SBA will seek to recoup as much of the loan as feasible. The desired result is to arrive at an

This may sound similar to loan modification but it is not: an installment payment plan focuses on rescheduling how you pay without changing the original terms of your SBA loan. Based on your financial assessment, our SBA EIDL loan default attorney in New York will work out a monthly payment amount that is reasonable, so you can keep up with your obligations without it being overwhelming. Once we have a proposed payment plan, we will present it to the SBA on your behalf and negotiate a payment schedule that aligns with your ability to pay.

This may sound similar to loan modification but it is not: an installment payment plan focuses on rescheduling how you pay without changing the original terms of your SBA loan. Based on your financial assessment, our SBA EIDL loan default attorney in New York will work out a monthly payment amount that is reasonable, so you can keep up with your obligations without it being overwhelming. Once we have a proposed payment plan, we will present it to the SBA on your behalf and negotiate a payment schedule that aligns with your ability to pay.

Deferment is when you temporarily postpone your loan payments, while forbearance is when they are reduced or suspended for a period. Both options can provide breathing room, but it is important to understand how each will affect your mortgage in the long term. Once we decide which option suits your situation best, we will negotiate with the SBA to pause or reduce your payments temporarily. We will also ensure that this short-term relief is structured in a way that does not lead to unmanageable financial pressure later on.

Our bankruptcy lawyer might be able to assist in filing for bankruptcy as a last resort in order to discharge your SBA debt. However, the procedure and consequences will vary depending on whether the bankruptcy is for the corporation or the individual. In the event that you personally guaranteed the loan, declaring personal bankruptcy may release you from repayment obligations; this is a wise course of action if your assets are at stake. However, even if your business’s responsibility is eliminated, the SBA may still be able to recoup the debt from the assets of your company.

The main concern will be whether your company can continue to operate if we decide to file for corporate bankruptcy. When choosing between restructuring options, it’s important to consider aspects such as your company’s structure, assets, liabilities, and cash flow (Chapter 11).

If you have received a summons and complaint from the US District Attorney’s Office, contact us immediately because ignoring it is not an option – it can result in an automatic court judgment against you. Although outright winning against an SBA lawsuit based on legal arguments alone might be challenging, especially if the claim is accurate and lawful, our approach is not just about winning.

We take concrete steps to effectively manage the situation to your advantage.