How to Succeed in Negotiating with the US Treasury Department

Negotiating with the US Treasury Department

How to Succeed

In the world of debt workout the Treasury is a little-known area that files go to die.

Lawyers, accountants, and many other professionals have told my clients that once a file reaches Treasury collection they have to file a bankruptcy because the loan cannot be settled.

That is completely inaccurate and frankly, bad advice to many guarantors. Though bankruptcy is a valid answer for many individuals with overwhelming debts, the ...

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MCA Default – Should I get into a Payment Plan Post-Default?

MCA Default

Should I get into a Payment Plan Post-Default?

With the dramatic surge in calls we have received related to troubled Merchant Cash Advance loans, it’s time to set the record straight on an issue that we frequently run into. We have written about this many times and you can read this article on the topic of MCA default

Upon defaulting on your daily payments owed to MCA creditors, you will most certainly encounter the aggressive, ...

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How to Protect yourself during a Merchant Cash Advance Loan Default

How to Protect yourself during a Merchant Cash Advance Loan Default

Recently Second Wind Consultants has seen a large influx of business owners overburdened with merchant cash advance loans and other forms of high-interest short term financing. Instead of one large monthly payment, these multiple, often daily, payments are strangling cash flow of an otherwise “stable” business. We have other articles on the topic that have received much praise, hopefully, this one helps you out too.

The ...

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How to Successfully Negotiate with the US Treasury Department

How to Successfully Negotiate with the US Treasury Department

Federally backed loans in serious delinquency, past the point of collection by the primary lender, often end up at the US Treasury Department. This can include student loans, Federally backed agricultural loans, and as we often see, SBA backed loans.

If you are reading this article, chances are you once took on an SBA backed loan for your business, and things have not worked out as planned. The business is closed, ...

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My Business Partner Filed Bankruptcy – What happens to Our Joint Debts?

My Business Partner Filed Bankruptcy

What Happens to Our Joint Debts?

When creating a business with a partner, few entrepreneurs truly understand how that act intertwines the financial positions of the partners, especially when debt is involved. No one ever thinks about this when business is going well or at the formation of the partnership, but what happens if your business is performing poorly or your business partner files bankruptcy? Where does this leave you?

Many owners create their ...

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What Can You Do to Improve Your Credit Score?

 What Can You Do to Improve Your Credit Score?

Easy steps to rebuild your credit fast

Many of our clients come to us with very poor credit scores. This is a symptom of the small business owner leveraging everything they can to keep the operation running, including their personal credit.

While it is important to note that in the vast majority of SBA workouts, personal credit is not impacted, our clients are typically dealing with a variety of ...

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Defaulting on a Merchant Cash Advance Loan?

Defaulting on a Merchant Cash Advance Loan?

In the years leading up to the 2008 financial crisis, small business owners had a consistent source of short term capital, their home equity. Rapidly rising house prices allowed them to borrow against their homes and put the money into their company to buy more inventory, fulfill a purchase order, hire more employees, etc.

Then things changed. The 2008 financial crisis crippled home equity nationwide and tightened lending standards. Business owners in desperate ...

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How do I Settle my Debt with the US Treasury Department?

How do I Settle my Debt with the US Treasury Department?

In the world of SBA collection, there exists a name that inspires fear in debtors far and wide. If a lender is having trouble collecting, they tell a borrower they will send the matter off for collection in the “Treasury,” using the name like some taboo character parents use to scare children into behaving properly.

The federal government guarantees SBA debts in the event of default and, like all ...

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Cannot Make SBA Loan Payment – What Happens if I Default on My SBA Loan?

Cannot Make SBA Loan Payment – What Happens if I Default on My SBA Loan?

An SBA loan is a loan to a small business that otherwise would not qualify for a loan through regular business lenders. The small business receives the funds because the lender’s risk gets mitigated by the Small Business Administration’s guarantee. If your loan goes into default, the government will cover the losses of the lender up to 90%. A great program to get our ...

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