Colorado Business Debt Settlement and Merchant Cash Advance Lawyers
If you run a small business in Colorado, chances are you’ve accumulated some debt. Business debt can quickly spiral out of control if not properly managed. From loans to credit cards to merchant cash advances, business debt comes in many forms.When facing mounting business debt, many Colorado entrepreneurs feel overwhelmed and don’t know where to turn. That’s where our business debt settlement attorneys can help.
How Can Business Debt Settlement Lawyers in Colorado Help?
Our business debt settlement lawyers have years of experience negotiating, settling, and restructuring business debt in Colorado. We take an empathetic approach and assign a dedicated legal expert to each client.Some of the ways our lawyers can help Colorado business owners get out of debt:
- Negotiating with lenders to reduce interest rates and monthly payments
- Settling debt for less than what is owed through lump sum settlements or payment plans
- Restructuring and consolidating multiple debts into one manageable payment
- Helping business owners avoid bankruptcy and salvage their credit scores
Common Types of Business Debt in Colorado
There are a few common sources of crippling debt facing Colorado business owners today:
Loans
Business loans, including SBA loans, HELOCs, and bank loans, often come with high interest rates and monthly payments. If your business struggles to generate enough monthly revenue to cover these payments, you can end up falling behind.
Credit Cards
Most business owners rely heavily on credit cards for startup costs and operating expenses. Personal credit card debt accrued for business reasons can also burden entrepreneurs. High interest rates make credit card debt difficult to pay off.
Merchant Cash Advances
Merchant cash advances provide business owners with lump sums of capital in exchange for a percentage of future credit card sales. The payback amounts are often exorbitant, trapping business owners in debt.
Colorado Debt Settlement Laws
If you decide to work with a Colorado business debt settlement firm, it’s important to understand the applicable state laws regarding debt settlement practices.The Colorado Fair Debt Collection Practices Act regulates the debt settlement industry to protect consumers from harassment and fraud. All legitimate Colorado debt settlement companies must comply with these rules or risk facing penalties.Some key aspects of Colorado debt settlement laws include:
- Prohibiting false or misleading representations from debt settlement companies
- Requiring detailed disclosures about services, fees, and outcomes
- Limiting communications to prevent debtor harassment
- Providing consumers with a cancellation period after signing contracts
- Restricting upfront fees charged before settling debts
By choosing a reputable Colorado business debt settlement law firm like ours, entrepreneurs can feel confident they are in good hands. We maintain full compliance with all CO debt settlement laws and consumer protection regulations.
The Debt Settlement Process in Colorado
So how does the business debt settlement process work in Colorado? Here is a basic overview:
- Consultation: Set up a free consultation with one of our Colorado debt settlement attorneys. We will review your unique situation and debt totals to create a customized resolution plan.
- Retainer Agreement: If you decide to move forward, we will sign a retainer agreement outlining our services, fees, and projected timeline. Fees only come into play once debts are successfully settled.
- Documentation: We collect documentation about all outstanding business debts to begin settlement negotiations. This includes creditor names, account numbers, balances owed, interest rates, and minimum payments.
- Negotiations: Our legal team leverages various tactics to negotiate your debt balances down as much as possible. We start with the most urgent debts first.
- Settlements: As we reach favorable settlements with each creditor, you will make lump sum payments to satisfy the reduced balances. We handle all communication.
- Debt Free: Within 12-48 months, all your business debt is settled and paid off for pennies on the dollar. You are now debt-free and ready for growth!
Alternative Ways to Deal with Colorado Business Debt
Debt settlement is not the only option for Colorado entrepreneurs mired in business debt. Here are a few alternatives to consider:
Debt Consolidation Loans
Debt consolidation loans allow you to roll multiple debts into a single loan with one monthly payment. This can simplify repayment but interest rates are often still high.
Balance Transfer Credit Cards
Balance transfer cards offer 0% intro APR periods, allowing you to save on interest by transferring your balances. But you must pay debts in full before rates spike.
Filing Bankruptcy
Chapter 7 and Chapter 11 bankruptcies completely eliminate eligible business debts. But bankruptcy severely damages credit and has long-term consequences.Most business owners find debt settlement to be the “happy medium” between extremes like bankruptcy and consolidation loans. Our lawyers help Colorado entrepreneurs settle their debts for fractions of what they owe, without damaging credit scores or requiring loans.
Why Work With Our Colorado Business Debt Settlement Lawyers?
If you run a Denver-area small business struggling with overwhelming debt, contact our Colorado legal team for a free consultation today!We take an empathetic approach focused on understanding your needs and goals. Our dedicated debt settlement experts then create a customized action plan to provide financial relief.We have a proven track record of settling business debts for just 20-50% of balances owed. The debt settlement process allows you to avoid bankruptcy and pay off debt on reasonable timelines.Our Colorado business debt settlement lawyers empower entrepreneurs to move beyond debt and achieve financial freedom once again. Reach out today and finally put this burden behind you!
