Six Bankruptcy Myths – Second Wind Consultants

6 Bankruptcy Myths That Can Cost You Everything:

Think bankruptcy will ease your debt burden? Think again.

1. “Bankruptcy offers me a clean slate.”

No. Here’s the truth: in Chapter 11 bankruptcy you still repay 100% of your debt over a period of five years, almost without exception. This means you get no actual debt reduction and your business credit gets destroyed nonetheless. Furthermore, things will get a lot worse if the plan falls ...

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SBA Default – New Threat to Your Personal Credit

Warning Bulletin: PRIORITY ALERT
Issued 03.20.2018

SBA default poses major new threat to your personal credit – Here’s what we know.

An ominous new threat.

In the last 30 days Second Wind Consultants has identified a dangerous policy shift confronting guarantors in SBA default.

The SBA, with no formal announcement, has taken an aggressive and threatening new stance against guarantors of defaulted loans.

We have identified an ominous pattern of activity and can now confirm that the SBA has begun reporting “Charged Off” SBA debt ...

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Debt Consolidation vs Debt Workout

Debt Consolidation vs. Debt Workout

When faced with unsupportable debt, small business owners look anywhere possible to obtain relief and save their business from financial disaster. They scour the internet for answers or speak with trusted advisors and most frequently get one of two answers: either pursue a debt consolidation or pursue a debt workout. Often these terms are used interchangeably, but they mean very different things. Both options can be useful tools, however, they can also be very dangerous ...

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When Creditors Attack Your Clients with 9-406 Notice

When Creditors Attack Your Clients

The Article 9 Section 406 Notice

Your cash flow could be frozen tomorrow, today, now, when an aggressive creditor serves your clients or customers with a demand letter pursuant to the Uniform Commercial Code (UCC) Article 9 Section 406 (“9-406 Notice”). Said creditor can and will assert in the 9-406 Notice that your receivables, your cash, is their rightful property and insist that all funds are redirected to them.

Seldom do business owners ...

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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 – Payment Plan Post-Default

MCA Default – 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.

Upon defaulting on your daily payments owed to MCA creditors, you will most certainly encounter the aggressive, harassing collection techniques employed by the industry. Rude text messages sent to your cell phone, threats of criminal action, and the use of fake caller ...

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Merchant Cash Advance Loan Default Protection

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 well-received articles on Defaulting on a Merchant Cash Advance Loan that have been well-received.

The most common profile is a ...

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Successful Negotiation with the US Treasury Department

Successful Negotiation 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, and you ...

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How Business Partner’s bankruptcy affects joint debts

How Business Partner’s bankruptcy affects joint debts

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 ...

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How to Improve Credit Score – Second Wind Consultants

 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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