Business Loan Settlement Reduction

Business Debts Negotiation Lawyers in New York

When business loans become unmanagable, it's important to understand your options, legal rights, and remedies.

Step 1 - Identify important factors of the business loan:

  • Is it secured by inventory, real estate, or receivables?
  • Is the loan issued by a private bank, or through a governmental program, like the Small Business Administration (SBA Loans)?
  • Were the funds disbursed on a revolving basis, such as a credit card or a line of credit?

Step 2 - Identify the status of the business debts:

  • Are the loans current, in delinquency, or in default status? Or, has a lawsuit been brought against you?
  • Many banks and lenders will not consider renegotiating loan terms until the business debt is in default status, charged-off, or otherwise placed in collections.

Step 3 - Identify your goals and your available budget:

  • Do you have any funds available to repay the business loans? If not, your priority should be to explore whether you can increase your income, borrow funds from friends and family members, or even tap into retirement savings (where appropriate). Without funds to offer, a settlement reduction or restructuring cannot be achieved, which can put you at risk of further collection activity or even a business loan lawsuit.
  • If you are able to access a substantial sum of funds, either in lump sum, or on a monthly basis, then a negotiation to reduce the business debt may ensure. A settlement may result in a substantial savings as compared to the current debt, inclusive of collection fees and interest charges.
  • If the borrower has access to a reasonable sum on a monthly basis, the lender may be willing to restructure the business loan to allow for terms that are affordable to the borrower.
  • If a lawsuit has been brought, consult with an attorney immediately. You may have a limited amount of time to respond to the court.

A lender will use their own guidelines and judgment when considering an offer to restructure or settle business loans. When requesting to reduce business debts, the lender may request information to substantiate the borrowers financial hardship and evidence of the businesses insolvency and it's other financial obligations, including invoices owed to vendors and merchant cash advance debt.

Our Lawyers Negotiate, Reduce, & Restructure Business Loans


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Our New York lawyers are vastly experienced in navigating the complexities of business loan reduction and settlement. Our firm will analyze your situation to help you determine your options, and then we put our skills and experience to fight to get you the best results possible. Even if your facing a lawsuit for a business loan, our litigators can review your case to determine the proper strategy and defense.

Call Our Law Firm Today: (888) 301-0584

Get in touch with us today to schedule your complimentary initial case consultation with our experienced business debt lawyers. Call the Law Office of Simon Goldenberg, PLLC today!

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New York Debt Collection Defense Attorney

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Law Office of Simon Goldenberg, PLLC
New York Debt Collection Defense Attorney
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Brooklyn, NY 11230
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