Spodek Law Group handles tough cases
nationwide, that demand excellence.
Covered by NYDaily News. Las Vegas man accused of threatening a prominent attorney and making vile remarks.
Covered by New York Times, and other outlets. Fake heiress accused of conning the city’s wealthy, and has an HBO special being made about her.
Accused of stalking Alec Baldwin. The case garnered nationwide attention, with USAToday, NYPost, and other media outlets following it closely.
Juror who prompted calls for new Ghislaine Maxwell trial turns to lawyer who defended Anna Sorokin.
Clients can use our portal to track the status of their case, stay in touch with us, upload documents, and more.
Regardless of the type of situation you're facing, our attorneys are here to help you get quality representation.
We can setup consultations in person, over Zoom, or over the phone to help you. Bottom line, we're here to help you win your case.
The Spodek Law Group understands how delicate high-profile cases can be, and has a strong track record of getting positive outcomes. Our lawyers service a clientele that is nationwide. With offices in both LA and NYC, and cases all across the country - Spodek Law Group is a top tier law firm.
Todd Spodek is a second generation attorney with immense experience. He has many years of experience handling 100’s of tough and hard to win trials. He’s been featured on major news outlets, such as New York Post, Newsweek, Fox 5 New York, South China Morning Post, Insider.com, and many others.
In 2022, Netflix released a series about one of Todd’s clients: Anna Delvey/Anna Sorokin.
Why Clients Choose Spodek Law Group
The reason is simple: clients want white glove service, and lawyers who can win. Every single client who works with the Spodek Law Group is aware that the attorney they hire could drastically change the outcome of their case. Hiring the Spodek Law Group means you’re taking your future seriously. Our lawyers handle cases nationwide, ranging from NYC to LA. Our philosophy is fair and simple: our nyc criminal lawyers only take on clients who we know will benefit from our services.
We’re selective about the clients we work with, and only take on cases we know align with our experience – and where we can make a difference. This is different from other law firms who are not invested in your success nor care about your outcome.
If you have a legal issue, call us for a consultation.
We are available 24/7, to help you with any – and all, challenges you face.
The US Small Business Administration (SBA) is a federal agency dedicated to supporting the establishment and success of small businesses in the United States. With the mission to “maintain and strengthen the nation’s economy by enabling the establishment and viability of small businesses and by assisting in the economic recovery of communities after disasters,” the SBA provides crucial support to entrepreneurs through small business loans.
However, defaulting on an SBA loan can be just as harmful as defaulting on an IRS debt. If a borrower is unable to repay the loan, the SBA has a process in place called an “Offer in Compromise” (OIC). This is an agreement to pay off the debt for less than the original amount owed, but only after the business has been liquidated. While the IRS’s OIC process is more forgiving and allows for multiple chances to re-file, the SBA’s OIC process allows only one shot.
It is strongly advised not to attempt to handle an SBA OIC on your own, as the stakes are high and the process is complex. Defaulting on an SBA loan can lead to delinquency and, eventually, default – the latter of which triggers the legal collections process. Delinquency refers to falling behind on payments, while default occurs when the lending bank rules the loan as such. However, not all SBA loans in delinquency are automatically in default, leaving room for arrangements to be made to avoid further consequences.
Borrowers often panic after defaulting on their SBA debt and rush through the OIC process. However, this is not the time to be hasty. Cross every “t” and dot every “i”. The temptation may be to leave off assets such as retirement accounts, college funds for children, or investment properties with a lot of equity, but doing so could hurt your chances of settling with the bank. Banks can easily check past Personal Financial Statements (PFS) that you submitted during the loan application process, or even obtain a judgement against you and send an Information Subpoena to reveal your assets. Public record searches can also uncover real estate in your name.
When settling SBA debt, it is crucial to be meticulous and take the time to ensure that everything is done correctly. Hiring a professional can help navigate this process and increase the chances of a successful outcome.
The abrupt closure of your business, followed by the seizure and liquidation of its assets, can be a devastating and heart-wrenching experience for any entrepreneur. However, the reality of the situation becomes even more stark when the borrower realizes that they have also pledged their personal assets to the SBA. But there is hope, the Spodek Law Group offers several solutions that could prove beneficial for you:
Running a successful business is not always a smooth journey, and many entrepreneurs often find themselves facing difficulties in making their SBA loan payments. Though lenders and the SBA are not eager to alter the terms of their loan, they may find a loan modification proposal and workout plan more favorable than a defaulted loan, especially at larger institutions.
If you’re facing an SBA loan default, the Spodek Law Group will employ their expertise to negotiate a workout plan and loan modification with your SBA lender. The process can be lengthy and requires a significant commitment from the borrower, but it can provide an effective solution if approached early enough.
The authorization and guidelines for an SBA loan modification can be found in the Standard Operation Procedure 50-50-4, Chapter 5, paragraphs 8(a), 15(a), 16(a), 17, and Chapter 7, Paragraphs 5(b) – 5(h).
In conclusion, if you’re facing an SBA loan default, it’s important to know that there are options available to you. The Spodek Law Group is dedicated to helping entrepreneurs navigate the complex landscape of loan modifications and workouts, and find a solution that works for their unique situation. Don’t let the fear of loan default consume you, take control of the situation and reach out for help today.
If you’ve recently filed for bankruptcy, you may have discovered that while your SBA loan debt was discharged, the SBA lien on your homestead (which was pledged as collateral for the loan) was not. This can be a frustrating and confusing situation, but it’s important to understand what your options are.
Contrary to what you may believe, the SBA does not always proceed with foreclosure, even when it has the right to do so. In many cases, an SBA lien can remain on real estate for years without any action being taken. However, it’s important to note that under federal law, there is no statute of limitations that bars the SBA from foreclosing on a property, even after 20 years.
There could be several reasons why the SBA may choose not to foreclose, such as a lack of equity in the property or a decision to conserve resources and wait until the property is sold or refinanced. In fact, many debtors only discover that the SBA lien on their home survived bankruptcy when they later try to sell or refinance their property.
The answer to this question will depend on various factors, such as the amount of equity in your home and the position of the SBA lien in relation to other mortgages. Negotiating a settlement is possible, but be prepared to offer at least 70% or more of the equity in your property to get the lien removed. While in some cases payments can be made over time, a lump sum payment is typically required.
As an entrepreneur, it’s natural to dream big and imagine success five years down the road. However, it’s equally important to contemplate the potential downsides and prepare for any challenges that may arise. One such challenge is defaulting on a Small Business Administration (SBA) loan.
The SBA does not directly provide loans to small businesses. Instead, it acts as a guarantor and promises to repay the loan if the borrower is unable to do so. This guarantee is funded through a guarantee fee paid by the borrower.
It is important to note that the SBA guarantee only protects the lender and does not absolve the borrower of their debt. Borrowers who have good personal credit, a profitable operating history, strong experience in their field, and cash to inject but lack collateral may be eligible for an SBA loan. However, startups without operating history or a strong track record may not be approved.
Defaulting on an SBA loan can lead to serious consequences, such as bank levies, wage garnishment, and foreclosures. The specifics of what will happen to you depend on your lender and the details of your situation.
If you have pledged your home as collateral and default on your loan, you may risk foreclosure in most states. It is crucial to consider the consequences of pledging your home before making this decision, as it can be difficult to have it released even if your loan officer provides verbal assurance.
Nearly all SBA loans require a personal guarantee from the business owner. In the event of default, the lender may sue you and attempt to levy your personal assets. This could result in bank account levies, wage garnishment, and even levying of personal possessions.
The SBA does not typically offer full forgiveness on 7(a) and 504 loans. However, for companies that have had to cease operations, the SBA may consider settlements agreed upon between the borrower and their loan issuer.
Defaulting on an SBA loan can lead to significant consequences, so it’s crucial to understand the terms and conditions before applying for one. By preparing for potential challenges and seeking assistance when needed, you can help ensure the success and sustainability of your small business.
Please fill out the form below to receive a free consultation, we will respond to
your inquiry within 24-hours guaranteed.