Las Vegas Business Debt Settlement and Merchant Cash Advance Lawyers
Running a small business is tough. Between managing employees, attracting customers, and actually making a profit, it’s easy to fall behind on bills. If you‘ve racked up business debt, help is available. Professional debt settlement services can negotiate with your creditors to reduce what you owe. And if you’ve relied too heavily on merchant cash advances, lawyers can help restructure these expensive loans.
How Debt Settlement Firms Help Small Businesses
When cash flow gets tight, business debts like vendor bills, equipment leases, and even credit cards can pile up fast. Many owners simply borrow more just to keep the doors open. But all this debt takes a toll. You may face endless collection calls, threats of lawsuits or asset seizures, and sleepless nights worrying about bankruptcy.Debt settlement provides an alternative to bankruptcy or ignoring the problem. Firms like Delancey Street have experts who negotiate directly with your creditors to settle accounts for less than you owe. This can eliminate collection harassment and restore your peace of mind.The debt settlement process starts with a free consultation to review your situation. You‘ll share details on all outstanding business debts so the firm can come up with a customized action plan. The goal is to secure settlements for 30-50% less than the balances owed.Many creditors jump at the chance to settle because they assume business owners in distress can’t pay anything. A partial payment is better than writing the account off as a total loss. Debt settlement helps turn this difficult situation into a win-win outcome.
The Problem With Merchant Cash Advances
Lots of small businesses turn to alternative lending sources like merchant cash advances when they don’t qualify for bank loans or lines of credit. The convenience and quick access to funds are tempting. But merchant cash advances ultimately cause more harm than good in many cases.These advances work differently than regular loans. Instead of borrowing a lump sum and repaying it in installments with interest, companies get an upfront purchase of future sales. For example, a business might receive $100,000 in exchange for paying back $130,000 as 10-20% of daily credit card receipts over 12-18 months.It sounds simple at first. The funds arrive quickly without strict credit requirements. But the extremely high effective interest rates and short repayment periods often create an impossible burden. Many owners end up taking new advances just to pay off previous ones – sinking deeper into a debt trap.
Legal Options For Merchant Cash Advance Relief
If your business is drowning under multiple merchant cash advances, help is available. Lawyers can often negotiate settlements or restructured payment terms so your company avoids default or bankruptcy. Here are some potential options to discuss:Debt consolidation – Combining multiple merchant cash advances into a single new advance spreads the repayment burden across a longer duration. This provides immediate financial relief without reducing the total owed. Consolidation works best for owners facing daily repayment percentages exceeding 30-50% of sales.Settlements – In some cases, the merchant cash advance company accepts a lump sum payment for less than you owe in exchange for wiping the debt clean. Experienced lawyers can sometimes secure settlements for 40-60% off. This drastic reduction helps stop the cash bleed so you can rebuild sales.Payment reductions – If settlements aren’t possible, asking for lower daily payments may help ease the burden. You must convince the lender that reduced installments now are better than forcing you into bankruptcy and nonpayment later. Interest continues accruing during relief periods, so this just buys more time.Contract termination – Some merchant cash advance agreements have clauses allowing the client to terminate early for a fee. Paying several thousand dollars could be worthwhile to escape an advance with an exorbitant payback ratio destroying your cash flow.The key is acting quickly if your business faces excessive merchant cash advance debt. The longer you wait, the harder it becomes to negotiate relief as fees and interest costs balloon. Don’t let embarrassment or denial prevent you from seeking help.
How Can Las Vegas Business Debt Lawyers Assist?
The business attorneys at Delancey Street have years of experience helping small companies resolve debt, financing, and cash flow problems. We take an empathetic approach – no judgments or lectures. Just practical guidance and advocacy to overcome legal challenges.Our lawyers can review your situation and determine if debt settlement or merchant cash advance restructuring makes sense. We’ll explain all options clearly so you understand the pros and cons of each. And if negotiations stall, we stand ready to fight on your behalf.In addition to debt resolution, our business law services include:
- Contract disputes & lawsuits – We handle vendor, customer, and partner contract controversies. And if lawsuits arise, our litigators defend your interests in court.
- Structuring & compliance – We ensure your business entity structure optimizes taxes and liability protection. And we make sure you stay compliant with all licensing, permitting, and regulatory obligations.
- Asset protection – We implement shields to protect your business assets and personal wealth from lawsuits or creditors. Strategies include entities, trusts, prenuptial agreements, and offshore accounts.
- Data security – We help safeguard sensitive customer data and intellectual property against cyber criminals. Proactive planning prevents devastating data breaches.
If you need legal help resolving business debt or other critical issues, contact our office today to schedule a free case assessment. Call 212-210-1851 or complete our simple online form. One of our attorneys will discuss your situation and explain how we can help. With our assistance, your company can regain financial stability and start thriving again.
