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California Chiropractor Gets $211,000 of Debt Forgiven

Case Study | April 10, 2019

A chiropractor assisting a patient

I worked with Adam Gleason. He had a very grounding effect on me. Adam has excellent communication skills and is very professional. I felt I was in very, very good hands with him.” 

Debt Load: $221,000
Debt to Be Forgiven: $211,000
Creditor: CIT Bank

Interviewer  How did you get in financial trouble originally? 

I secured an SBA loan to buy the business I had been working in for years. In 2004, the state laws concerning worker’s compensation changed, making it very hard to receive payment on those claims. More than a third of our business relied on worker’s compensation claims, so we lost a large portion of business very quickly. I started paying late, then using my personal savings to pay the SBA-backed loan. In the end, I simply ran out of money. I came from a family of entrepreneurs; it just made sense to have my own business. 

Interviewer  What was life like prior to contacting Second Wind Consultants? 

It was bad. I tried to file bankruptcy and couldn’t. I was pretty distraught and lost a lot of sleep. I was working feverishly to keep the patients I still had. It was so destructive. I’ve never experienced anything like that in my life. I had dutifully paid back the loan for months. Shame was the biggest emotion for me. 

Strategist  The client had been punished by CIT Bank. I have had many cases with CIT, and they are a very tough lender to work with, but they took a particularly brutal approach to this client. I am surprised and impressed by the strength and will he displayed before and during the workout process. 

Interviewer  Did you try to ask your lender for help? 

The lenders offered no solution other than to pay. 

Interviewer  How did you find Second Wind Consultants? 

I performed a Google search at 2 a.m. one night because I could not sleep from the stress. I searched debt workout and found Second Wind Consultants. 

Interviewer  Why did you eventually sign on? 

I watched Todrin’s videos online and decided to come in for an interview. I was in such a pickle that I had nothing to lose. I didn’t have a choice. 

Interviewer  Which strategist handled your workout? 

I worked with Adam Gleason. I wanted to negotiate but knew I could not do it alone. Adam helped me see that this was not a personal situation; it was professional, which helped me stop feeling ashamed. Adam is fantastic. He brought such a sense of calm. He had a very grounding effect on me. Adam has excellent communication skills and is very professional. I felt I was in very, very good hands with him. 

Interviewer  What happened after you signed on? 

Adam worked with me to restructure my business and submit an offer to the bank. CIT was difficult to work with; they did not even want to work with Adam. 

Strategist  The client and I had an uphill battle. The lender had a representative who kept being injured in ways that were hard to accept. She was hit by a vehicle first. Next, less than two weeks after her return, her manager informed me that we would have to wait again, as she was attacked by a bear. I was not sure what to think, so I researched the woman online and found the paper article about her attack. She left the bank three weeks after her return, and we had to wait for another rep. 

After that, we had to deal with the head of workouts. The woman and I had locked horns previously, and this workout was no different. She is tough and aggressive, but we were able to prevail. 

Interviewer  How long did the process take? 

It has been almost four years and still ongoing. We are in the last stages of negotiation now, but it has been a very long, drawnout process. If I ever get another loan, it will not be with CIT. 

Strategist  The client began with Second Wind Consultants in 2010. CIT Bank has tried to force his file to the US Treasury for collection three times since we began, and each time we have had a hard fight to save him. The bank has voluntarily blinded themselves to the logic that he cannot survive if he does not work. We have had to ask the SBA to directly intercede on more than one occasion to rope in the lender and keep them working within appropriate guidelines. 

Interviewer  What were the results of working with Second Wind Consultants? 

Adam saved my business and is going to obtain an approval on my offer. We have had to fight, but I have no doubt we will be successful. 

Strategist  The client was rewarded for his patience with excellent results. We were able to save his business. He had very specific state guidelines to work around, and it was very difficult to get the lender to sign off. 

We are currently working on the Offer-inCompromise. The lender attempted to dump this client for personal reasons, and we were forced to disclose to the SBA that it was my belief these actions were directly related to his same-sex relationship, as the lender investigated an expense relating to his partner helping him pay rent. The SBA is now scrutinizing the process, and I look forward to a response shortly. 

Interviewer  What do you think of Second Wind Consultants now? 

I realize now that there is no shame in the situation. That has taken a long time. There is skilled help out there; it is not the end of the world. It takes longer than you might anticipate, and you have to set aside money to do a workout, but it is very fair. I would certainly encourage any struggling business owner to give Second Wind a call. 

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