What is Business Debt Settlement?
Business debt settlement is the process of negotiating with your creditors to reduce the amount you owe. Our dedicated experts will work on your behalf to try to settle your debts for less than you currently owe. This can help free up cash flow to reinvest in your Jersey City business.For example, if you owe $100,000 across multiple credit cards or loans, we may be able to negotiate that down to $60,000 or less. You would then pay the reduced settlement amount as a lump sum or through a payment plan. This allows you to resolve debts you’re struggling with and move forward on better financial footing.
How We Approach Business Debt Settlement in Jersey City
Our [business debt settlement process] involves a few key steps:
- Free consultation: First we offer a free, no obligation consultation to understand your unique situation.
- Review debts: We’ll thoroughly review all your business debts, creditors, interest rates and terms.
- Negotiate settlements: Our experts then negotiate directly with your creditors to attempt settlements for less than you owe. We leverage our decades of experience to secure the best possible reductions.
- Payment plans: If settlements are reached, we can structure flexible payment plans so the reduced settlement amounts fit your budget. This helps avoid further financial issues down the road.
Throughout the process you’ll have a dedicated account representative available to answer all your questions. We strive to make this as quick and seamless as possible so you can focus on operating your Jersey City business.
What Types of Debt Do We Settle?
Common small business debts we can help settle include:
- Business credit cards
- Merchant cash advances
- Equipment financing loans
- Commercial mortgages
- Business lines of credit
- Past due vendor invoices
- Commercial auto loans
- Startup business loans
Essentially if you owe money related to operating your Jersey City business, we can review it for potential settlement. Reducing or resolving debts can be a huge burden lifted so you can get back to growth.
Benefits of Working With Our Jersey City Business Debt Experts
There are many benefits to having an experienced team in your corner ready to negotiate debt settlements on your behalf:
Save money – We have helped thousands of business owners settle for a fraction of what they owe. This frees up capital to invest in growth.
Avoid bankruptcy – Settling debts fast can help struggling businesses regain positive cash flow and avoid having to file bankruptcy.
Improve credit – Getting accounts out of delinquency and into a positive status will start improving your business credit reports.
Peace of mind – The process of negotiating business debt yourself can be overwhelming. Let our team handle everything while you focus on operating your Jersey City business.
Expert negotiation – Our dedicated representatives leverage decades of experience to secure the maximum debt relief possible from your creditors.
Flexible payment options – We can structure settlements across any timeline that matches your budget constraints.
What is a Merchant Cash Advance?
A merchant cash advance (MCA) is a form of business financing where a company purchases a portion of your future credit card sales. You receive a lump sum payment upfront, and the MCA provider takes a fixed percentage of daily credit card receipts until the balance has been repaid.Unlike a term loan, an MCA has no fixed monthly payments. The amount deducted daily or weekly varies based on credit card sales volume.
MCA Settlement for Jersey City Small Businesses
While merchant cash advances provide fast access to capital, the high repayment rates combined with lengthy terms can trap businesses in expensive cycles of debt. It’s not uncommon for Jersey City companies to end up paying back double or more what they originally received.If you have an existing merchant cash advance causing cash flow issues in your business, the debt specialists at Delancey Street may be able to help. We can review your MCA agreement for potential settlement just like any other commercial debt.Settling and closing an MCA allows you to move forward free of daily deductions that eat into your profits. Our dedicated team has experience negotiating discounts on behalf of Jersey City business owners struggling with predatory merchant cash advance agreements.
Why Work With Our Business Debt Relief Lawyers?
While Delancey Street itself is not a law firm, we maintain partnerships with experienced commercial debt relief attorneys that can provide counsel as part of our comprehensive services.Having knowledgeable lawyers advising the negotiation process with your creditors ensures everything is handled legally above board. This can provide peace of mind that an appropriate resolution is structured that best positions your Jersey City business moving forward.
Contact Delancey Street for a Free Consultation
If you run a small business in Jersey City struggling with mounting debts, the experts at Delancey Street may be able to help negotiate settlements so you can move forward. Reach out for a free consultation today to discuss your unique situation.
Phone: 212-210-1851
Our process is designed to be as quick and seamless as possible so you can get back to focusing on operating your Jersey City business full time. Don’t wait to get reliable advice on resolving your debts and improving cash flow.
