Chicago Business Debt Settlement and Merchant Cash Advance Lawyers


Chicago Business Debt Settlement and Merchant Cash Advance Lawyers

Getting behind on business debt payments can be stressful and overwhelming. If you own a small business in Chicago and are struggling with business debt, working with a debt settlement company may help provide financial relief. Our company, Delancey Street, helps business owners settle their debts at a fraction of what they owe. We have an easy process and assign a dedicated expert to each client.

How Debt Settlement Works

The debt settlement process involves negotiating with creditors to settle accounts for less than the full amount owed. Our team has extensive experience negotiating debt settlements on behalf of business owners. We thoroughly review each client‘s unique situation to create a customized debt relief plan.Once we have all the necessary documentation, our dedicated experts contact your creditors and negotiate reduced payoff amounts. Many creditors are often willing to settle for 30-50% less than what is owed if you have fallen behind on payments. This can help provide immediate financial relief so you can get your business back on track.

Benefits of Working with Delancey Street

There are important benefits to working with our dedicated team of business debt experts:

  • We have over 15 years of experience successfully settling business debts
  • Our debt specialists focus solely on business debt relief
  • We customize solutions based on each client’s specific situation
  • Our experts handle all negotiations so you can focus on your business
  • We help protect your business assets
  • We aim to settle debts for 30-50% less than what you owe
  • Our services are more affordable than bankruptcy

Unlike working with a bankruptcy attorney, our business debt settlement services aim to protect your assets while settling debt for less. This can help provide immediate financial relief without the long-term consequences of filing bankruptcy.

Who We Can Help

Our Chicago business debt settlement services may be a practical solution if your business:

  • Is struggling with high-interest business loans or merchant cash advances
  • Has business credit card balances you are unable to pay
  • Has tax debts owed to the IRS or state tax authorities
  • Is behind on lease or equipment financing payments
  • Has outstanding debts owed to vendors or suppliers

We have experience working with small business owners across a variety of industries. Some examples of business owners we can help include:

  • Restaurants, cafes, and food service businesses
  • Retail stores and boutiques
  • Salons, spas, gyms, and wellness centers
  • Professional service providers like consultants, accountants, marketing agencies
  • Contractors, electricians, plumbers, and trade services
  • Medical and dental practices
  • Chiropractors and alternative health businesses

If your Chicago business is struggling with unmanageable debt, we encourage you to contact us for a free debt consultation. Our dedicated experts will thoroughly discuss your situation to determine if our business debt settlement services are right for you.

How We Settle Business Loans and Merchant Cash Advances

Two common sources of business debt we help clients settle are business loans and merchant cash advances. These financing options can provide operating capital but also come with high interest rates and aggressive repayment terms.Merchant cash advances provide a lump sum of capital in exchange for a percentage of future credit card sales. The payback amounts are generally fixed daily payments that are taken automatically from credit card receipts. Falling behind on merchant cash advance payments can result in the funder freezing your credit card processing abilities.Business loans also require fixed monthly payments with interest rates ranging from 10% to as high as 40%. Personal guarantees are often required, which puts your personal assets at risk for default.If you have fallen behind on loan or merchant cash advance payments, the debt can snowball quickly with late fees, penalties, and aggressive collection calls. However, we have negotiating leverage with the creditors’ motivation to recoup at least a portion of the bad debt by agreeing to settle.While every situation is different, we have a strong track record of settling these financing debts for 30-50% less than the full balance owed. This provides immediate financial relief so you can take control of your business’s finances again.

Protecting Your Assets

An important benefit of working with our dedicated team of experts is that we help protect your business assets during the debt settlement process. We place accounts into a special program that halts aggressive collection efforts against your business. This can help prevent lawsuits, bank levies, property liens, and other collection activities while we negotiate reduced settlements.Having a dedicated expert in your corner levels the playing field against aggressive creditors. We make it clear that attempts to pursue legal action or other collections against our clients’ businesses and personal assets will obstruct constructive settlement negotiations. This incentivizes creditors to work cooperatively towards an agreeable debt reduction rather than risk nonpayment through aggressive tactics.

What Makes Us Different from Bankruptcy Attorneys

Filing business bankruptcy can stop collections and eliminate certain debts, but it also comes with long-term consequences. Bankruptcy appears on your business credit report for 10 years and on your personal credit report for 7-10 years. This can make it very difficult to get approved for future financing. Bankruptcy can also result in tax consequences, the liquidation of business assets, and a general stigma from vendors and customers.Our business debt settlement approach is more collaborative by proactively working with creditors to negotiate and pay reduced settlements. This avoids the long-term credit and legal consequences of bankruptcy. It also shows responsibility by addressing outstanding debts through mutually agreeable settlements rather than debt elimination.

We help our clients take control of their financial futures through affordable monthly payments tied directly to negotiated debt reductions. It provides immediate financial relief and a manageable path towards becoming debt-free without the lasting stigma of bankruptcy.

Why Work with Business Debt Settlement Lawyers

While Delancey Street is not a law firm, we do have experienced attorneys as part of our business debt settlement team. This provides clients with dedicated legal guidance and representation throughout the negotiation and settlement process.Our business debt attorneys have the expertise to:

  • Review account documentation to identify potential violations or improper lending practices
  • Formally dispute inaccuracies or errors on your business credit reports
  • Request debt validations if creditors fail to provide documentation validating amounts owed
  • Draft demand letters invoking your legal rights under lending regulations like state usury ceilings and the RICO act
  • File complaints against creditors for ethical breaches or other bad faith business practices
  • Represent your business in legal proceedings should a creditor file a lawsuit or attempt other collections in violation of regulations

Having experienced business debt settlement lawyers adds important legal protections. Our attorney-backed team has the leverage to halt unfair collections practices while negotiating with creditors in good faith towards constructive reduced settlements.

Our Settlement Process and What to Expect

If you call us for a free consultation, here is an overview of what you can expect:

  1. Free Consultation: We thoroughly discuss your business, debts owed, and financial goals. This helps us determine if our settlement services can help resolve your debt situation.
  2. Document Review: If we agree to work together, you will provide statements, contracts, communication records, and other documentation for all outstanding business debts.
  3. Custom Settlement Strategy: We will review your documentation, research state regulations, analyze account histories, and evaluate your creditors. We then put together a customized settlement strategy targeting 30-50% reductions.
  4. Special Account Status: We place accounts into a special program that pauses collections. This protects your assets as we begin settlement negotiations.
  5. Experts Handle Negotiations: Our experienced team handles all communication and directly negotiates with your creditors. This ensures clear and consistent messaging.
  6. Affordable Monthly Payments: We establish affordable monthly payments, tied directly to negotiated settlement amounts, so it’s clear how much you need to set aside.
  7. Ongoing Support: Your dedicated expert will provide regular status updates and is always available to answer any questions throughout the process.
  8. Become Debt-Free: We continue negotiating and settling your remaining debts until all accounts are resolved and you are debt-free!


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