Boise Business Debt Settlement and Merchant Cash Advance Lawyers
Struggling with business debt can feel overwhelming. You poured your heart and soul into your Boise business, only to end up facing serious financial troubles.Where do you turn when creditors won‘t stop calling and you can’t make ends meet? The good news is that you have options – and the expert Boise business debt settlement attorneys at Delancey Street can help.
How Can a Boise Business Debt Settlement Lawyer Help?
A Boise business debt settlement lawyer can be your advocate. They have the legal knowledge to deal with creditors on your behalf and try to negotiate a settlement of your business debts – often for less than you owe. This can provide much-needed relief when you’re facing:
- Balloons payments on merchant cash advances
- High-interest business loans or lines of credit
- Past-due invoices from suppliers and vendors
- Commercial real estate mortgages in default
At Delancey Street, our experienced attorneys take a compassionate approach. We understand the stress financial troubles cause small business owners in the Boise area. Our goal is to provide caring legal guidance to help you move forward.
What is Business Debt Settlement?
With business debt settlement, an attorney negotiates directly with your creditors to try to settle your debts for less than the full amount owed. Many creditors will agree to reduce principal balances, waive fees and penalties, and create a discounted lump sum settlement so they at least recover something.Debt settlement can wipe out tens or even hundreds of thousands in business debt. It provides a path for you to resolve creditor harassment, avoid bankruptcy, and eventually rebuild your Boise business‘s financial health.
How long does business debt settlement take?
The process typically takes 12-48 months from start to finish. Settlements require ceasing payments and allowing accounts to become delinquent before negotiating lump sum discounts. Patience is required, but the potential savings make it worthwhile for many business owners.**What kinds of debts can attorneys settle?**Common business debts we settle every day include:
- Business loans and lines of credit
- Commercial real estate and equipment financing
- Merchant cash advances and factoring
- Past-due supplier and vendor invoices
- Commercial leases and franchise financing
- Business credit cards and overdraft accounts
- Tax debts like payroll taxes, sales tax, and income tax
Certain very recent debts or fully secured debts may not be ideal for settlement. But in most cases, an experienced business debt attorney can step in to negotiate discounts from face value.
Boise Business Debt Settlement Reviews
Wondering if settlement could work for your Boise business? Check out these real-life examples of how we’ve helped other Idaho companies resolve financial challenges:
“The team at Delancey Street helped us settle multiple high-interest merchant cash advances at steep discounts. This literally saved our restaurant from having to file bankruptcy.” – Maria, Boise Restaurant Owner
“I can‘t thank Delancey Street enough. They settled nearly $100k in past-due vendor invoices for our construction business at less than 20 cents on the dollar. It feels like a fresh start.” – David, Boise Contractor
“We had over $500k in balloon payments coming due on commercial real estate loans for our retail stores. Delancey Street negotiated incredible discounts so we could keep all our locations open.” – Susan, Idaho Retail Chain Owner
As you can see, other Boise business owners have found life-changing financial relief through debt settlement. Contact us today for a free consultation to discuss your unique situation.
How Our Boise Business Debt Settlement Process Works
If you hire our law firm for debt relief services, here is an overview of how we’ll work together:
1. Strategy Call
First, we schedule an initial call to review your debts, financial situation, and goals. We’ll determine if debt settlement could benefit your Boise business.
2. Retainer Agreement
If we agree to partner together, we’ll sign our contingency-based retainer agreement spelling out representation details.
3. Cease Payments
Next, you’ll stop making payments to creditors so accounts fall delinquent. This is vital to force creditors to the negotiating table.
4. Creditor Negotiations
We’ll compile details on all debts and start settlement negotiations. Discussions can take some time, but we’ll keep you updated on any progress made.
5. Settlement Offers
As creditors agree to deals, we’ll present settlement offers to you. Once we secure suitable discounts, we’ll finalize paperwork.
6. Lump Sum Payments
After signed settlements, you’ll need to provide lump sums to pay off reduced balances. Funding often comes from new financing or investors.
7. Resolution & Rebuilding
Finally, once settlements satisfy creditors, you can focus on rebuilding your Boise business‘s financial health long-term.With expert help guiding you through every stage of debt relief, settlement can provide a light at the end of the tunnel. Set up a free consultation so we can explore your options.
Alternatives to Business Debt Settlement
While settlement can be extremely effective, it‘s not the only option available to struggling Boise companies. Here are a few other strategies to discuss with financial and legal experts:
Debt Consolidation
With debt consolidation loans, you roll multiple debts into a single new loan with one payment. This can simplify payments and sometimes reduce interest. Loan qualification with poor credit is often difficult however.
Chapter 11 Bankruptcy Reorganization
Chapter 11 filers work with the court to restructure debts and create court-approved repayment plans. While effective, bankruptcies mean higher legal fees and close court oversight of your company.
Chapter 7 Business Bankruptcy Liquidation
With Chapter 7, the court appoints a trustee to oversee liquidating your business assets to pay creditors. You must then close your current business entity.
Out-of-Court Workouts
Informal negotiations directly with creditors can sometimes yield deals without attorney involvement. However, this DIY approach lacks legal leverage.As you weigh options, the attorneys at Delancey Street help identify the most strategic business debt relief path for your unique situation. Schedule a free call today!
About Delancey Street’s Business Debt Settlement Lawyers
Delancey Street helps small businesses across America resolve financial challenges. Our experienced attorneys have negotiated over $1 billion in debt relief for companies just like yours.We are not a giant national mill churning through clients. Instead, we take a boutique approach focused on compassionate guidance and personalized partnerships with the Boise business owners we represent.
