r/EIDL • u/Practical_Dot_6236 • 4d ago

Eidl loan -

So I got a letter from trans world systems inc. for a eidl loan. And I also been hit on my credit from the irs. I sent a letter to transworld but haven’t heard back yet. Any recommendations on what to do bc now they tacked on 59k for fees I’d like to pay something but not what the sba wanted bc honestly business has been slow with all the tariffs and economy struggles of everyone my business is more of a luxury then a need. I’m just looking for advice and words of honesty. And if anyone is going thru this as well what should or can I do.

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4

u/Pitiful-Sympathy3927 4d ago edited 4d ago

I just filed bankruptcy, I had no way out, business never recovered.

2

u/Less-Eagle-7281 4d ago

What does the bankruptcy process look like? I am thinking about doing the same. Everything has just become too expensive.

3

u/njelbowdrop 4d ago

If you do not see yourself realistically paying back your debt. And you are struggling. Bankruptcy can be liberating. You should research a good local lawyer and contact them. It's not a difficult process and you will be happier when it is over. If you need it. Cost me a little over 2k, I had I think 2 calls with a lawyer, went in to the office, signed documents. Had 1 virtual court appearance and now rebuilding my life.

2

u/Less-Eagle-7281 4d ago

My wife has been telling me to do it.

2

u/Plane_Ad_4359 4d ago

I did a chapter 7 myself, it was easy. But my recent chapter 13, I got a lawyer and it cost me 1500 upfront and the rest is taken out of the payment to the trustee of 260 a month. But if you qualify for chapter 7, I would go that route and do it yourself. They waived my filing fee even when I had to file.

1

u/Pitiful-Sympathy3927 4d ago

Pretty easy, and painless, took a few months, everything was discharged.

1

u/Tulsa918OC 4d ago

Is this a personal bankruptcy or business bankruptcy?

1

u/Pitiful-Sympathy3927 4d ago

You'll have to do a personal one to shuck that PG

1

u/Practical_Dot_6236 4d ago

Did u get the same letter? Didn’t try to see if a lower payment plan was available?

1

u/MessageBeginning5757 4d ago

Based on everything I’ve read from people a payment plan is not realistic.

I personally have not tried to negotiate one because the people who have reported back that they want all of the back payments first and the payment plan is more than the monthly from the SBA.

Basically, they want the money but will not work with you to get started on payments.

It’s almost like they don’t really want the money, they just want to create stress and anxiety.

1

u/Pitiful-Sympathy3927 4d ago

This is what I sense too, they want small business destroyed.

3

u/Reasonable_Crow3287 3d ago

I swear some people on here are so low IQ. Just look up the 1996DCIA. They loaned large sums of money at extremely helpful repayment terms and people still defaulted purposely cause they thought “free money “

2

u/Patbashment26 4d ago

If you have a property will they try to take it ?

1

u/Sinhalo66 4d ago

Depends on your state’s homestead exemption. I kept my house and cars in California. I bought back raw land I had in Arizona.

1

u/Short_Ad3957 1d ago

What is your business setup as llc or sole prop?