It is wise to consider seeking legal help in a case where you have an SBA loan issue. You would not only need to take action but also move with speed bearing in mind that more you hesitate, the higher the chances that you will incur costs and fees. It would be critical to make sure that the debt attorney you work with has what it takes to guide you. It would be essential to make sure that the debt lawyer you go for is experienced on matters to do with SBA loans cases.
One of the avenues that a debt lawyer may make include making recommendations on whether you can pay some amount of debt to SBA so that you can have the lender stop claiming from your. The lawyer may tell you that one of the requirements needed for you to pay the given amount is that your loan must fall under the liquidation category. You would also not need to be bankrupt. The lawyer may make such a recommendation where the cost of collection exceeds the amount to be collected. 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. The path may also be taken in a case where you are ill and hence paying it would lead to financial hardship among other reasons.
The debt attorney may also come in to demonstrate that the amount in question cannot be recovered within a reasonable time. 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.
It would also be essential to consider identification of ligitative risk. The litigative risk happens where there are real doubts that litigation may have problems prevailing in court due to factual or legal issues. For you to succeed in identifying litigative risks, you would need to hire a lawyer who has been dealing with SBA debts. The lawyer would need to prove that there are litigative risks for your case to sail throug.
It would also be essential to know that the offer in compromise has a better recovery method when compared to the enforced collection. The lawyer in question you need to prove that your settlement amount is better when compared to the having SBA use the department of treasury.