What to do if I defaulted on an SBA loan?

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What to do if I defaulted on an SBA loan?

I tried for weeks to contact them over the phone and left message after message and no one ever called me back. Now they are going to garnish my wages.

Asked on December 13, 2012 under Bankruptcy Law, Texas

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

I suggest that you have a face to face meeting with a representative of your creditor in order to try and reach some understanding as to a possible payment plan on money you owe as to the SBA loan. In order to be a wage garnishment there first has to be a lawsuit and a judgment against you.


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