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Faced 5+ Years in Prison

People Vs Joseph Amico

Covered by NYDaily News. Las Vegas man accused of threatening a prominent attorney and making vile remarks.

Faced 10+ Years in Prison

People Vs. Anna Sorokin

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.

Faced 3+ Years in Prison

People Vs. Genevieve Sabourin

Accused of stalking Alec Baldwin. The case garnered nationwide attention, with USAToday, NYPost, and other media outlets following it closely.

Faced Potential Charges

Ghislaine Maxwell Juror

Juror who prompted calls for new Ghislaine Maxwell trial turns to lawyer who defended Anna Sorokin.

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Meet Todd Spodek


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.

SBA Offer in Compromise Help

By Spodek Law Group | February 8, 2023

The US Small Business Administration (SBA): Helping Small Businesses Thrive

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.

The Dangers of Defaulting on an SBA Loan

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.

Why Hiring a Professional is Advised

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.

The Importance of Taking Your Time in the OIC Process

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.

Struggling with an SBA Loan Default?

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:

SBA Loan Modification

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.

Types of Loan Modifications for SBA Loans

  • Temporary/Permanent reduction of interest
  • Deferral of payments and/or principal only
  • Extension of Maturity Date to reduce payments
  • Temporary reduction of payments
  • Re-amortization of loan payments

The SBA’s Policy on Loan Modifications: Do They Really Happen?

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.

SBA Lien Release: What You Need to Know

The Surprising Truth About SBA Foreclosures

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.

Is There a Statute of Limitations on SBA Foreclosures?

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.

Why Doesn’t the SBA Foreclose Right Away?

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.

What Does it Take for the SBA to Release the Lien on Your Home?

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.

SBA Loan Default: Understanding the Consequences and Possibilities for Forgiveness

The Reality of Entrepreneurship: Understanding the Risks

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.

Key Features of SBA Loans

What is an 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.

The SBA Guarantee

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.

The Consequences of Defaulting on an SBA Loan

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.

The Risk of Foreclosure

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.

Personal Guarantees

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.

SBA Loan Forgiveness

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.

Final Thoughts

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.

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I was searching for a law firm with some power to help me deal with a warrant in New York . After 6 days I decided to go with Spodek Law Group. It helped that This law firm is well respected by not only the top law firms in New York , but the DA , Judge as well. I...

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It was my good fortune to retain Spodek Law Group for representation for my legal needs. From the beginning, communication was prompt and thorough. Todd, Kenneth and Alex were the first people I worked with and they all made me feel comfortable and confident that the team was going to work hard for me. Everything was explained and any concerns...

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After meeting with several law firms, I chose the Spodek Law Group not only for their professionalism and experience, but for the personal attention given to me right from the initial consultation. It is important to recognize how crucial having the right legal team is when faced with potentially life altering events that impact families and the lives of loved...

~George Cherubini

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