Monday, July 25, 2022

EIDL LOAN DEFAULT DOCUMENT REVIEW, WORKOUT, BANKRUPTCY FILING & OFFER IN COMPROMISE

As many readers of our blog posts are aware, at Shenwick &Associates we have expertise in EIDL loan workouts, bankruptcy filings and offers in compromise, for defaulted EIDL loans

Recently we did a post on EIDL loans and bankruptcy, which can be found at http://shenwick.blogspot.com/2022/07/eidl-loan-workouts-and-bankruptcy.html 

and  a post on defaulted EIDL loans and the SBA Offer in Compromise program.  That post can be found at http://shenwick.blogspot.com/2022/07/eidl-loans-and-sba-offer-in-compromise.html

 When clients retain us with respect to defaulted EIDL loans, they often ask what documents they need to provide us for our review.

We have developed the following checklist of documents after doing workouts and bankruptcy filings for various types of debtors and creditors.

 Provided below is a list of  documents needed for business borrowers and another for individuals, who took out the EIDL loans personally or who guaranteed EIDLloans, which are in default.

BUSINESS BORROWER:

1. Recent Balance sheet for the business

2.  Recent Income statement for the business

3. Most recent Federal Tax Return 

4. EIDL Loan Documents

5. Property that was Collateral for EIDL Loan

6. Guarantees give for EIDL Loan 

7. Check registry and wires going back 90 days for the business

8. Bank statements for 90 days  and 

9. Executive Summary  regarding the company’s problems and  goals with respect to EIDL Loan


INDIVIDUAL BORROWER OR GUARANTOR:

1. List of property  you own (assets)

2. List of who you owe money or property to (liabilities)

3. After Tax Monthly Budget showing after tax income & personal and business expenses

4. Most recent tax return

5. List of obligations you personally guaranteed

6. Taxes owed, if any including the nature of the tax, the tax year and amount

7. Brief summary of your problem(s) and your goals


If you provide us with this information, we will be able to do an analysis regarding your best options with respect to the defaulted EIDL Loan, including a Workout,  Offer in Compromise, closing of the business or a bankruptcy filing.   

Additionally, we will advise the guarantor on their options and best course of action.

Jim Shenwick, Esq has handled thousands of workouts (out of court settlements) and over 500 bankruptcy filing for individuals and businesses. Jim Shenwick, Esq has an LLM in Taxation from NYU law school and he can also provide advice regarding relief of indebtedness issues. 

Jim Shenwick, Esq  jshenwick@gmail.com   212 541 6224   





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