Offer in Compromise with the SBA - How to get your OIC accepted with a defaulted SBA loan
by RyanBridgeMgt, Window Shopper
- Created: October 9, 2013, 11:16 am
- Updated: October 9, 2013, 12:49 pm
It seems whether I get an email or a phone call from a potential client, the big question always comes up; How much will their Offer in Compromise cost? Unfortunately there is no simple answer, every situation is different. The Banker or the SBA workout offer needs to take everything into consideration in order to get an OIC accepted to release the defaulted business owner of his/her personal guarantee. A few main factors to consider are; how much you owe, the assets exposed on your personal guarantee, and future earning potential. Every state has different exemptions for assets such as homestead exemptions which will protect a certain amount of exposed equity in a home. It takes a good amount of work to put a comprehensive package together to submit an acceptable Offer In Compromise, as well as somebody extremely familiar with SBA guidelines along with a strong stomach to negotiate these types of settlements. I highly recommend anybody who is in a default situation to reach out to a firm with expertise dealing with SBA defaults and Offer in Compromises. I am always available to answer any questions or concerns. Ryan Lineham - Debt Consultant- Bridge Management Consulting
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