We can't find an attorney

[desertplains]

Um, sba-attorneys.com wants $250 for a 30 minute consultation. That is not affordable in rural Wyoming

[justbroke]

When seeking an OIC with the IRS, the SBA, or any part of the government, the specialist do charge what's likely the reasonable fee in that area. I was hoping you'd have a strong bankruptcy attorney that has a strategy for dealing with the SBA which may include filing bankruptcy. I cannot provide you with any advice here. I will say, though, that the bankruptcy attorney may be the best to handle both. Only because they are familiar with your bankruptcy case. But, at the same time, an SBA specialist knows more about the OIC process and what a reasonable offer would be to release the lien on the residence.

There's no away around this; you need to deal with both the personal bankruptcy and the SBA lien on your home. I would lean on my bankruptcy attorney and hopefully they can work something out with the SBA or you could seek an OIC post-discharge. So many factors to consider and is likely why the SBA OIC specialist wants you to pay for the consult (because it is likely worth the $$$).

[desertplains]

When seeking an OIC with the IRS, the SBA, or any part of the government, the specialist do charge what's likely the reasonable fee in that area. I was hoping you'd have a strong bankruptcy attorney that has a strategy for dealing with the SBA which may include filing bankruptcy. I cannot provide you with any advice here. I will say, though, that the bankruptcy attorney may be the best to handle both. Only because they are familiar with your bankruptcy case. But, at the same time, an SBA specialist knows more about the OIC process and what a reasonable offer would be to release the lien on the residence.

There's no away around this; you need to deal with both the personal bankruptcy and the SBA lien on your home. I would lean on my bankruptcy attorney and hopefully they can work something out with the SBA or you could seek an OIC post-discharge. So many factors to consider and is likely why the SBA OIC specialist wants you to pay for the consult (because it is likely worth the $$$).

I asked his paralegal and she asked him, emailed back:

"Hi,
With regard to the SBA, we will list them as a creditor and they will get notice of the bankruptcy. We can then see if they file a proof of claim and go from there."

I can't see them not filing a proof of claim for $700K. If the building was auctioned off and equipment liquidated it will bring in pennies on the dollar. I downloaded the loan docs from idoc in my county so it seems to be perfected. Atty wants to do chap 13 for personal but knows my husband has not yet found a new job.

I thought the OIC had to come during the 60 day demand letter but her response seems after. Is this standard?

[desertplains]

I asked his paralegal and she asked him, emailed back:

"Hi,
With regard to the SBA, we will list them as a creditor and they will get notice of the bankruptcy. We can then see if they file a proof of claim and go from there."

I can't see them not filing a proof of claim for $700K. If the building was auctioned off and equipment liquidated it will bring in pennies on the dollar. I downloaded the loan docs from idoc in my county so it seems to be perfected. Atty wants to do chap 13 for personal but knows my husband has not yet found a new job.

I thought the OIC had to come during the 60 day demand letter but her response seems after. Is this standard?

If the building was auctioned off and equipment liquidated it will bring in pennies on the dollar.

Same with our house, it's out of town in bad weather, no water or furnace etc.

[justbroke]

If it's me, that sounds like a good strategy. It's called the "wait and see what they do" approach. Their lien, however, still passes through the bankruptcy. But you are likely in a better negotiating position for an OIC. Remember that they have to look at what they can recover. No one can guess at this point what they'll do until you force their hand... or make an offer.

[desertplains]

Wow, MCA's as contingent.

[justbroke]

Yep. I'd probably list them as unliquidated and contingent on my "personal" bankruptcy because they are, at best, personal guarantees.

[desertplains]

Forget about a 7 for the entity. If it is "dead", it is "dead".

Concentrate on a personal case. Typical stuff for me but I am not in your State and I don't know any attnys in Wyoming.

Accessing PACER, I looked for an attorney in Wyoming that has filed Chapter 11 cases. Such an attorney should have no problem with your type of case be it a Chapter 7 or other Chapter.

Apparently, not many Chapter 11s are filed in Wyoming as there were just a handful filed in the past year. One of the attorneys was with a big firm handling big cases so, probably not in line with your situation. The other two look more promising. I don't know if you have spoken to either one but if not, you might want to call. links for both are:

https://onehourbankruptcy.com/clark/

https://www.winshipandwinship.com/

Don't forget to check with the State Bar to see of they have had any disciplinary issues and carry insurance,

Keep us posted.

Des.

Talked with one of your recommendationts recently, he's everything I want, but he might be taking a Judge position next week and cannot contract/detainer at this time.

Current atty/asst is not available, calls and emails go unanswered plus there is huge confusion on payroll/trust OIC vs SBA OIC and no answer on that after 3 weeks. And, no interest nor guidence on OIC's. Husband signed the chap 7 areement this morning and sent hime $500 smh. Wish he would have talked to before he did that. Same with the business finances LOL smh.

Talked with a great atty last week. He was either on vacation or does winters in an warm country which is now in catel turmoil and cannot reach him (meaning he is unable to return calls/emails/texts.

Any other ideas for me please?

[despritfreya]

Any other ideas for me please?

I've been "away" from this thread for a while. Let me read through it before I respond. Response will be either today or tomorrow.

Des.

[despritfreya]

I have reviewed all of the posts in the thread. There is not enough info other than you owe $700k to the SBA and the SBA is secured by both the commercial building and your residence, and, probably the other assets of the entity.

1. When were the MCA loans taken out (before or after the loan from the SBA)?

2. What is the total owed on all MCA loan combined.

3. What is the value of the building (not the assessed value but what you believe it will actually sell for)?

4. Is the SBA the only mortgage against the building? If not, how much is owed on the other mortgage and which was taken out first?

5. How much is your residence worth (again, not the assessed value but what you believe you can actually sell it for)?

6. How much do you owe on the first mortgage on the home (SBA is probably the second)?

7. Are you current on your residential first mortgage?

8. Are you current on your vehicle loans? How much is owed on each and what are the vehicles worth?

9. Has your husband found employment?

Let’s get the answers to the above and go from there. As to the attorney you found that might take a judgeship, ask him for a referral. As to the 5th wheel. . . it is unlikely that you will be forced to live in it and, in reality, you will most likely surrender it back to the lender as it is probably too expensive and not "necessary".

Des.