Colorado Springs Business Debt Settlement and Merchant Cash Advance Lawyers
If you run a small business in Colorado Springs and are struggling with debt, you may be wondering what options are available to help get your finances back on track. Business debt settlement and merchant cash advance lawyers can provide valuable legal guidance and services to business owners facing financial hardship.
How Can Business Debt Settlement Lawyers Help?
Business debt settlement involves negotiating with creditors to reduce the amount owed. A business debt settlement lawyer can negotiate on your behalf to try and settle debts for less than the full amount.
Some of the key ways a Colorado Springs business debt settlement lawyer can help include:
- Analyzing your financial situation and total debt load to determine if debt settlement is a viable option
- Sending letters and making calls to negotiate with creditors like banks and credit card companies
- Trying to settle business debts for 30-60% less than what is currently owed
- Creating customized debt repayment plans that work within your budget
- Stopping creditor harassment and debt collection calls
- Helping protect your business assets like equipment when settling debts
- Providing legal guidance on business bankruptcy if debt settlement does not resolve issues
So if you owe a lot of money to multiple creditors, hiring an experienced Colorado Springs business debt settlement lawyer could potentially help reduce balances and payments to a more manageable level.
What is a Merchant Cash Advance?
A merchant cash advance (MCA) provides a lump sum of capital to a business in exchange for a percentage of future credit card and debit card sales.
It is not technically a business loan. With an MCA, a company called a funder provides immediate funding, and then collects periodic payments from a business’s card receipts until the total advanced amount plus fees and interest are repaid.Some key things to know about merchant cash advances include:
- Approval is based more on credit card sales volume rather than personal credit scores
- Funds can be obtained quicker than traditional SBA loans
- Payback amounts fluctuate based on the volume of monthly card transactions
- The total repayment amount including fees and interest is usually much higher than the original advance
So merchant cash advances provide fast access to capital, but at a steep long-term cost. They are considered a short-term, high-interest way for businesses to access funds.
How Can MCA Lawyers Assist Business Owners?
While merchant cash advances can help businesses get quick capital, the downside is the repayment process can be problematic.
Issues that a Colorado Springs MCA lawyer can assist with include:
- Reviewing the MCA Agreement – Analyzing the terms, fees, rates, and fine print before you sign an agreement. MCA contracts often contain confusing or questionable clauses that lawyers can clarify.
- Renegotiating Unfair Repayment Terms – If a business is struggling to make daily payments, an attorney can contact the MCA provider and try to negotiate for lower fixed daily payments.
- Defending Against MCA Harassment – Unscrupulous MCA companies may try illegal collection tactics or debit accounts without proper authorization. A lawyer can send formal notices if violations occur.
- Settling Remaining Balances – If a business simply cannot afford payments anymore, a lawyer may be able to negotiate a settlement for a lump sum that is less than what is still owed.
- Advising on Bankruptcy Options – As a last resort, a business bankruptcy filing may be recommended to discharge all or part of remaining MCA debts. A lawyer can explain your legal rights.
The bottom line is that working with an experienced Colorado Springs MCA lawyer can help protect business owners from predatory lending practices and terms. Seeking timely legal help is wise.
Why Work with Delancey Street?
Here at Delancey Street, we have extensive experience assisting Colorado Springs business owners struggling with overwhelming debt.
While we are not technically a law firm, we partner with qualified local attorneys to provide combined debt relief and legal services.Some key reasons to work with Delancey Street for business debt help include:
- Free Consultation – Speak to an expert for free about your specific situation and options
- Attorney Negotiations – Lawyers work to negotiate your debts and defend your rights
- 90% Success Rate – We have helped thousands of businesses settle debts and get relief
- Reasonable, Transparent Fees – No confusing pricing – fees only apply if we settle your debts
- Debt Settlement & Legal Help – One program that handles both settling your debts and providing legal help
We understand the tremendous stress overwhelming business debt can create. Our team of financial experts and partner attorneys have the experience, skills and resources to protect your rights while working to resolve your debts.
Reach Out for a Free Evaluation
If your Colorado Springs business is struggling with high debt balances that feel impossible to repay, the first step is to speak with one of our experts for a free, no obligation evaluation of your situation.
We will analyze the specifics, explain all options, and provide recommendations. This includes bringing one of our partner attorneys on to the case if we feel legal services could help.You can reach out to Delancey Street for your free debt consultation and legal assessment by:
Calling: (212) 210-1851
