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
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
OR CALL: (888) 301-0584
NEED RELIEF FROM BUSINESS LOANS?
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!