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Category Archives: Offer in Compromise
Jumping the Elephant!
The United States Treasury Department did something recently for one of our DRS clients that, if not unprecedented, is noteworthy for being very rare indeed; they returned a file already in ‘collections’ to the small business administration for adjudication. The … Read More
Another Successful Offer in Compromise – Over $1,000,000 in Debt Forgiven
This client owned a national food manufacturing company. They turned their lifelong hobby into a business that initially showed signs of success. Unfortunately, as the market crashed in 2008, consumers stopped spending money on the type of high end foods … Read More
Warning! There is a hidden trap in debt forgiveness you must be aware of
Beware! Forgiveness of debt converts to ordinary income and may be taxable! If you were unaware of this issue, you would find out about it in January when you get a forgiveness of debt 1099 for the amount of debt … Read More
Posted in Debt Workout, Offer in Compromise
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What exactly happens to an SBA loan when you file for bankruptcy?
This is not intended to be legal advice, see an attorney for that, but as businessmen we must always consider the implications of many legal acts before we see the attorney, and thus must be free to discuss general concepts. … Read More
Dear Banker, Something Is Better Than Nothing So Let’s Work It Out
Dear Banker, We represent many, many small businesses that are in default. Almost universally: 1. The owner has not taken a paycheck for a long while, sometimes years, and has been living off credit cards, savings, and their spouse’s earnings. … Read More
Posted in Debt Workout, Offer in Compromise
Tagged: banker let's talk, bankruptcy, banks, defaulted loans, offer in compromise
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