Business Debt Settlement & Restructuring
New York City Business Debt Lawyers & Consultants
If you are unable to make the payments on your business loan, merchant
cash advance or other debts owed, contact the law office of Simon Goldenberg,
PLLC. Our business debt negotiators help people that defaulted on business
loans, merchant cash advances, or are facing financial contraints as business
owners. We work with you and the creditor to negotiate a business debt
reduction and to adjust your debt repayment schedule.
Our firm has recently observed a recent spike in business owners calling
for assistance with lawsuits for cash advance and for debts owed to business vendors.
Our lawyers defend and negotiate lawsuits for business debts. Unlike consumer credit cards and student loans, companies that provide
merchant cash advances tend to review their accounts for litigation within
just a few months of default. This means that if you default on your obligation,
you might be quickly
sued for merchant cash advance.
We Help Reduce, Settle, and Restructure Business Debts
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Below is an outline of some of the most common business debt situations
our clients find themselves in and an explanation of how our lawyers can
help get you on the right track to reduce your debt. For more information,
read our page dedicated to answering
questions about business debts.
Business Credit Cards, Lines of Credit, and Unsecured Loans
As with consumer debt, banks and lenders may attempt to collect on business
debts by placing the account with internal collection, third-party collections,
or even with a law firm to bring a lawsuit. In many situations, the borrower
has signed a
personal guaranty, which allows the business lender to pursue the guarantor individually.
Most often this is the business owner.
By pursuing a pre-litigation settlement, the borrower shows interest in
resolving the debt, which may sway the lender towards keeping the lines
of communication open while deffering the option to collect through litigation.
If a settlement is achieved, the borrower may avoid a potential
business loan lawsuit, and may benefit from a reduction in a portion of the principal, interest,
and fees that were originally owed.
Business Cash Advance A.K.A. Merchant Cash Advance
A business cash advance, also known as a
merchant cash advance, allows you to receive a sum of cash in advance of credit card sales.
When you take a business cash advance, you and the advance company determine
a set amount of interest to be paid on the cash advance. To pay the advance
back, the advance company will take a percentage of each credit card transaction
until the debt is repaid.
If you are struggling to make your necessary payments without that portion
of the debt, a business debt relief attorney can help you readjust your
debt in order to get you out of the hole. A business debt relief attorney
will negotiate with your advance company to reduce the amount of interest
you owe on the payment and reduce the percentage of each credit card transaction
the company will take, putting more cash in your pocket. With more money
at your disposal, you can focus on the efforts to build your business
and excel in your industry.
Defaulted SBA Loan Debts (Small Business Administration)
A SBA loan is given by the Small Business Administration to help growing
businesses to acquire the capital they need to get their company off the
ground. These loans can help develop products, buy raw materials, or pay
for the rent of a storefront, but if you are unable to make payments on
the debt, it could be a death sentence for your business.
A business debt relief attorney can help you eliminate your SBA debt without
needing to file for bankruptcy. Because filing for bankruptcy can hurt
your credit score and make it more difficult for you to get a business
loan in the future, working with a business debt relief attorney can help
you reduce your debt by negotiating reductions. In as little as 6 to 36
months, your SBA loan could be completely eliminated or paid off, allowing
you to worry about the future of your company without struggling to make
payments you can’t afford.
Debts Owed to Vendors and Professionals Like Accountants
If you owe money to your vendors or professional service providers, including
accountants, you will not only hurt your business financially but you
could develop a negative reputation. Your vendors provide you with the
resources and materials to do business, so when you can’t make the
payments that you owe them, they are likely to stop working for you.
Business Turnaround Consulting a/k/a "Corporate" Turnaround
If your business is financially troubled, our corporate turnaround attorneys
can analyze your situation to help restructure, reduce, or even settle
outstanding accounts payable, business loans, merchant cash advance, and
debts owed to business vendors. The lawyers at our firm can advise New
York business owners with respect to all of their available
business debt relief options.
Experienced Business Debt Reduction Firm in New York City
The assistance of a debt relief attorney can help you negotiate your debt
and develop a plan that pleases both parties. When a debt reduction attorney
takes over the negotiations, they can develop a more structured repayment
plan to allow you to continue forward in your business endeavors while
ensuring your vendors and service professionals get the payments they
need. By creating a repayment plan that allows your payments to be spread
out over time, you are able to use the money your business makes to develop
new products, introduce new items, or further promote the success of your business.
Get in touch with us today to schedule your complimentary initial
case consultation with a caring and dedicated debt relief attorney.
Call the Law Office of Simon Goldenberg, PLLC today!