Compromise and Release Settlement
compromise and release settlement
Sba Personal Guarantee Release: Victory!
Today’s article is a story about how one of my client’s was able to successfully settle his debt and get his personal guarantee released. Steve (name changed to protect my client’s privacy) had a business that had failed, but was left with a couple of loans for a few hundred thousand. Discusses lessons learned.
Lessons to be learned from our success:
- Lenders fully expect you to scratch, claw, beg, and borrow to raise funds. An Offer In Compromise is not a “free pass”. If you want to be successful at a settlement attempt, you need to be willing to search every outhouse, henhouse and dog house to find money. Since the lender is likely to be taking a loss, I think it’s fair for them to expect you to experience some financial discomfort I order to settle.
- The process can be arduous and time consuming, and working with a professional does make a difference. Dealing with bankers and lawyers can be a daunting task, especially if you are not familiar with banking terminology and legal documentation. Banks will always steer you towards what in their best interest. It only makes sense that you should have a sounding board to make sure you are getting a fair deal.
- The sooner you can begin working towards a settlement, the better. While we were able to settle in this case, my client had a personal judgment granted against him, and the bank was on the verge of garnishing his wages at his new job. The judgment could have been avoided had my client brought me into the loop sooner.
About the Author
Distressed Loan Advisors (www.JasonTees.com) offers expert advice about dealing with SBA Loan Default, and can be reached at 1-877-436-4533 or loanhelp@jasontees.com.
Is it no one’s fault?
I was in a car accident a few months ago and we’re (the other party and I) are finishing up the claim. They paid my medical bills and I got compensated for slight injury. I received my “release of all claims” paper from the other person’s company that I need to sign. However, when I was reading it I came across this:
“I understand and agree that this settlement is the compromise of a disputed claim, and that this payment is not to be constructed as an admission of liability on the part of [other party's name], who expressly denies liability”
Interesting: the accident was clearly the other person’s fault. I asked both her and my insurance and they said that the other person was at fault.
I don’t want her money or whatever they’re offering me, I just want them to accept liability. Nothing more. Should I contact her insurance or just leave it at this? I just don’t want this to affect my driving record.
Thanks.
That is standard language in every release.
They are not going to send you a release with that language omitted or changed. Your insurance company would not send someone you hit a release with that language omitted or changed.
It does not matter if you have an attorney or not.
His insurance company is paying you.
That is a form of liability acceptance.
If you have agreed on the settlement amount – sign the release and be done with it.
Offer in Compromise | IRS Tax Debt Relief
compromise and release settlement
Tags: amnesty, compromise and release settlement, currently, owe.taxes, tax, tax.consultant