Arizona Business Debt Settlement and Merchant Cash Advance Lawyers
Running a small business is tough. Between managing employees, keeping customers happy, and actually making a profit, things can get overwhelming real quick. And if you’re struggling with business debt like loans or merchant cash advances? Well shoot, that just adds a whole extra layer of stress.But hey, don’t sweat it too much. Dealing with business debt is more common than you‘d think. And the good news is, there’s help out there if you need it.
We Feel You, Getting Business Debt Relief Ain’t Easy
At Delancey Street, we work with business owners to try and settle or restructure their debt every day. So we know firsthand how confusing and frustrating the process can be. Between dodging phone calls from creditors and trying to navigate all the legal mumbo jumbo, things can spiral out of control fast.But the thing is, you don’t have to go it alone.
Our Team of Experts Is Here to Help
We have attorneys and financial experts who specialize in all things business debt – from loans to merchant cash advances and everything in between. And their goal is simple: to make sure you fully understand all your options, so you can make the best decisions for your unique situation.Now when we say “options,” we‘re talking about stuff like:
- Debt consolidation
- Debt settlement
- Debt restructuring
- Bankruptcy (Chapter 7 or Chapter 11)
Most business owners we work with are dealing with high interest loans or merchant cash advances they struggle to pay back each month. Often, debt settlement lets them resolve balances for pennies on the dollar so they can move forward.But every situation is different. Our team takes the time to learn about your business, your goals, and the challenges you face before making recommendations.Because at the end of the day, it’s about finding the <b>right solution for you</b>. No two businesses or debt profiles are exactly alike, you know?
Breaking Down Business Debt Settlement
If you’re unfamiliar with the debt settlement process, no worries! Let‘s do a quick overview so you understand how it works.The goal of debt settlement is straightforward – to resolve your outstanding business debt for less than you currently owe. This usually involves some back and forth negotiation with your creditors to agree on a reduced lump sum payment.But before negotiations even start, there‘s a few key steps:
1. Review your debt and budgetFirst, we‘ll take a close look at all your business debt and monthly finances. This helps us understand how much wiggle room there might be to offer settlements.
2. Open a dedicated savings accountWe’ll then have you open a new bank account that’s solely focused on saving up for settlement offers. Each month, you’ll deposit an agreed amount into this account instead of paying creditors.
3. Stop payments to creditorsWith the new savings plan in place, you‘ll stop making monthly payments to creditors altogether. This is key leverage for negotiating discounts later. Just be aware that missed payments can negatively impact credit scores and lead to more collection calls in the short term.
4. Negotiate discountsOnce enough funds have accumulated to put reasonable “good faith” offers on the table, we start settlement negotiations. The whole process usually takes around 24-48 months from start to finish. Geddit? It ain’t exactly a quick fix.But if all goes smoothly, you could resolve debts for 30, 40, sometimes even 50% less than you owe. Just depends on the creditors.And you know what? A lot of times, just having a professional negotiator handle all this stuff reduces stress big time.
The Benefits of Debt Settlement for Business Owners
Assuming you can stick to the savings plan and let the process play out, debt settlement offers a few compelling benefits:
Get debt free faster – By resolving balances at a discount instead of paying in full over time, you can eliminate debt years earlier.
Pay less overall – Those reduced lump sum settlements also mean spending less money to get debt free. It’s a win-win.
Lower monthly bills – Not having to keep up with credit card and loan payments every month lets you breathe and focus on business growth.
Avoid bankruptcy – Settling debt out of court keeps your business running and usually doesn’t hurt personal credit scores as much.But debt settlement does come with some risks to consider too. Missed payments while saving up for settlements can tank business credit reports. Lawsuits from creditors are also possible in some cases.An experienced debt relief team knows how to navigate these risks though. And for many business owners, the potential rewards make taking some calculated chances worth it.
What About Merchant Cash Advance Relief?
If you‘ve gotten a merchant cash advance (MCA) to help cover operating expenses during COVID or supply chain issues, you may be in a tight spot. MCA’s can have repayment rates of 100-200% in some cases. Yikes!The good news? The debt relief process works much the same with these products. The main difference is MCA’s are technically “future sales” and not loans. So negotiating strategy might vary depending on the agreement terms.Our legal network has experience dealing with all kinds of tricky finance products like merchant cash advances though. We know what to look out for and how to approach the conversations.So if you got an MCA with crazy repayment terms, don’t panic. Let’s have a chat and explore ways we might be able to help!
We Make Getting Business Debt Relief Simple
We get it, taking control of debt feels overwhelming. You’ve got a million questions about how everything works, what options make sense, and what a fair settlement offer looks like.
That’s why Delancey Street has a simple 3 step process:
1. Schedule a free debt assessment
Sit down with one of our small business debt experts for a free consultation. We’ll review your situation, answer questions, explain options, and make recommendations on next steps. No obligations or pressure.
2. Get assigned a dedicated specialist
If you decide you want to work with us, you‘ll get introduced to your personal debt relief advisor. They’ll be your go-to contact for anything related to the process.
3. Follow a customized action plan
Together with your advisor, you’ll map out a tailored game plan based on your specific debt, budget, savings goals and timeline. Then they handle all negotiations start to finish while you focus on business.When it comes to business debt help, having a trusted team in your corner makes ALL the difference. So if you’re feeling in over your head, give our experts a shout at 212-210-1851 or check out https://www.delanceystreet.com.We’ve helped thousands of entrepreneurs negotiate over $1 billion in business debt relief. Let us take the weight off your shoulders so you can get back to growth. This ain’t something you gotta handle alone!
