Buffalo Business Debt Settlement and Merchant Cash Advance Lawyers
If you run a small business in Buffalo, chances are you’ve struggled with debt at some point. Debt can pile up quickly – equipment loans, payroll, taxes, inventory costs. It can feel totally overwhelming.But you’re not alone. Tons of business owners have been there before. And there are solutions.At Delancey Street, we specialize in helping Buffalo business owners get out of debt fast. We’re not technically lawyers, but we work with some great attorneys who can help negotiate settlements or defend you if things get messy.Here’s an overview of what we do and how it works:
A Quick Intro to Delancey Street
We’re a financial consulting firm focused on small business debt relief and restructuring. Our team has over 20 years experience specifically with:
- Business debt settlement
- Merchant cash advance consolidation
- Tax debt resolution
- Commercial debt restructuring
The attorneys we work with can help with things like:
- Defense against lawsuits
- Negotiating with creditors
- Chapter 11 reorganization
Our goal is simple – to help business owners regain control of their financial lives.
Our 3 Step Process for Settling Business Debt
Here’s how we typically help Buffalo companies get out of debt:
1. Review Debts and Cash Flow
First, we’ll take a deep dive into your business finances. The key info we need includes:
- All outstanding debts and liabilities
- Payment history on those debts
- Current profit and loss statement
- Projected cash flow for the next 12 months
This helps us understand exactly what debts we need to tackle and how much “wiggle room” we have to negotiate.
2. Negotiate with Creditors
Next, we start negotiating settlements on those debts. This usually involves:
- Halting payments temporarily – We ask creditors to put a 90 day “hold” on payments so we can negotiate without interest piling up. Over 65% agree to this if we show financial hardship.
- Offering lump sum settlements – We make cash offers to creditors to settle debts at steep discounts. Often between 40-60% of the balance.
- Setting up payment plans – If creditors won’t take a lump sum, we try to negotiate longer payment terms at very low interest. Typically 5-7 years at 5% or less.
- Filing disputes – If any debts seem invalid or creditors won’t negotiate reasonably, our lawyers file legal disputes to invalidate the debts.
The key is getting creditors to see it’s better to take a smaller settlement upfront rather than force the business into bankruptcy and get nothing. Over 80% of the time, they agree to significant reductions.
3. Restructure and Rebuild Credit
Finally, once the old debts are settled, we focus on setting you up for future success by:
- Establishing new lines of credit
- Securing better loan terms
- Rebuilding business credit scores
- Creating a contingency fund
This step is critical to prevent getting back into debt trouble down the road.So in short – our team takes care of the messy debt negotiations so you can focus on running your Buffalo business. And we walk with you throughout the full process start to finish.
How Much Does It Cost?
Our fees are based on how much debt we’re able to get reduced. We only get paid if/when settlements happen.Here’s our fee structure:
- We charge 20% of any debt reductions achieved
- We also charge an initial $500 retainer to start (which gets credited back to you)
So for example, if we settle $100K in debts down to $60K, our fee would be $8K ($40K in savings x 20%).Considering most businesses see 40-60% reductions in debt, our fees pay for themselves very quickly.And it’s a small price to pay to escape the debt cycle and get your business back on solid ground.
Why Work With Delancey Street vs. Bankruptcy?
We always recommend trying settlements before considering bankruptcy. Why:
- Bankruptcy damages your credit and ability get loans/financing long-term – Lenders see it as high risk so will deny applications or charge sky high interest rates. Settlements allow you to rebuild credit responsibly without long term consequences.
- The court gets control over business decisions in bankruptcy – A judge can dictate staffing changes, investment decisions, etc which limits flexibility in turning things around. With settlements, you maintain control.
- Bankruptcy can lead suppliers and customers to leave – Vendors get nervous about getting paid. Customers worry you’ll go out of business. Settlements avoid harming these key relationships.
- The bankruptcy process is slow and emotionally draining – It can take 3-5 years winding through courts. Settlements happen much faster, often within 9-12 months.
As you can probably tell, we’re extremely passionate about helping Buffalo business owners escape debt, rebuild stronger than ever, and avoid bankruptcy.
What Types of Debt Do You Handle?
We have experience settling all kinds of B2B debts – our favorites include:
Merchant Cash Advance Consolidation
Merchant cash advances (MCAs) can have repayment rates of 200-500% APR when it’s all said and done. Crazy! We’ve helped clients slash MCA payback amounts by 60-90% to finally pay them off.
Commercial Real Estate Loans
If you fell behind on a building loan or equipment lease, we can negotiate with lenders/lessors to catch up payments or return property without damaging credit scores.
Business Credit Cards and Lines of Credit
Business CCs average around 16% APR – we’ve negotiated them down to 3-8% fixed rates over 5+ years. Much more manageable payments.
Tax Relief
Whether payroll, sales tax or back taxes, we’ve negotiated some great payment plans and penalties reductions with the IRS and state tax authorities.
And Much More…
Judgments, business equipment loans, vendor bills – you name it, we’ve tackled it. Nothing makes us happier than checking another “Paid” stamp on a stubborn old debt!
What Do Our Buffalo Clients Say?
We’ve helped over 1,700 business owners across upstate NY escape debt. Here’s what a few had to say:
“The Delancey Street team helped us settle $92K of credit card debt and an old SBA loan that was killing our cash flow. I honestly didn’t think we had any options besides bankruptcy. But they turned it around for us in less than a year. Couldn’t recommend them more to any Buffalo small business owner struggling with debt.” – Bryan K, Allentown Printing
“I was 2 months behind on merchant cash advance payments and they were threatening to lock my account. Delancey Street negotiated a deal for me pay off only 35% of the remaining balance. The process was quick and smooth. Now I can focus on growing my biz instead of constantly scrambling to make ridiculous MCA payments. Lifesavers!” – Victoria R, Amherst Salon
“After my restaurant took a hit in 2020, I found myself $215K underwater between equipment leases, real estate loans and back taxes. I was so stressed I developed ulcers. But the attorneys helped me negotiate incredible settlements on all of the debts. I walked away paying only $62K total. It was an absolute miracle.” – Rick C, North Buffalo Bistro
As you can see, we know how to deal with every kind of creditor and debt situation. No business is too far gone or complex for our team to handle.
Ready to Stop Worrying About Debt?
If you run a business in the Buffalo area and debt has you in sleepless nights, let us help. Our team knows this city, its business owners, and creditors inside out. We’ve negotiated thousands of local settlements – often with huge 60-90% reductions.Set up a free consultation today to discuss your situation. Our experts can review your debts, expected outcomes, timeline and costs. No obligations.Or if you still have questions, feel free to call our Buffalo office at 212-210-1851. We’re always happy to chat.The sooner you start, the sooner you can get back to focusing 100% on growing your business, not just treading water on debt obligations.
