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 constraints 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.
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 deferring 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!
