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Houston Business Debt Settlement and Merchant Cash Advance Lawyers
Struggling with business debt can feel overwhelming. You may have tried negotiating with creditors on your own without success. Or perhaps you worry that filing for bankruptcy could mean losing your business entirely. There is another option – seeking help from a qualified business debt settlement lawyer.At Delancey Street, our dedicated experts have extensive experience helping business owners restructure, reduce, and eliminate troublesome debt. We take an individualized approach to assess your situation and create a customized debt relief solution. With attorneys on staff, we have the legal knowledge to negotiate effectively on your behalf while protecting your interests.
How Can Business Debt Settlement Lawyers Help?
Business debt settlement lawyers are advocates who negotiate with your creditors to reduce what you owe. Unlike bankruptcy which eliminates debt through court proceedings, our attorneys work outside of court to find win-win solutions.We start by reviewing your accounts, contracts, loans, and other documents to gain a clear picture of what you owe and to whom. Next, we initiate talks with creditors explain your financial hardship and inability to pay. We leverage our expertise to negotiate reduced payoff amounts, better terms, waived fees and penalties, and other concessions.Throughout the process we advise you on next steps while ensuring creditors adhere to state and federal consumer protection laws regarding debt collection. Ultimately our goal is striking deals that relieve your burden while recovering maximum payouts for creditors.
What Types of Business Debt Do We Address?
Common sources of crippling business debt include:
- Business Loans – Term loans, SBA loans, lines of credit
- Business Credit Cards – Rewards cards, corporate cards
- Merchant Cash Advances – Funds repaid from credit card sales
- Equipment Financing Leases – Loans to acquire assets like machinery
- Business Mortgages – Loans to purchase commercial property
- Unpaid Invoices – Outstanding accounts receivable, payroll
- Tax Debts – Federal, state or local taxes
If your business debt stems from any of these sources, our lawyers can help you seek relief.
What Debt Settlement Outcomes Are Realistic?
Outcomes from debt settlement processes vary on a case by case basis. However, on average our lawyers have achieved 40-60% reductions in what clients owe.For example, we may negotiate with your credit card provider to waive late fees, reduce interest rates, create a payment plan, and settle for paying 30 cents on the dollar owed. Or perhaps we secure a 24 month reprieve from equipment lessors before having to resume smaller installment payments.Every business and creditor agreement is unique. While we can’t guarantee specific results, our lawyers routinely save clients thousands to hundreds of thousands of dollars through debt settlement.
How Much Does Business Debt Settlement Cost?
Our fees are based on how much debt we relieve rather than how much time is spent. This performance-based approach aligns our incentives with clients’ interests. We only earn fees if our settlements actually reduce your debt burden.Our standard fee structure is:
- 15% of any debt reduced
- 20% of any debt eliminated
So if we settle a $100,000 business credit card balance down to $50,000, we would charge 15% of the $50,000 savings amount, or $7,500.There are no upfront costs. Fees only come due once we secure settlements with your creditors. And fees can be structured over time.Compared to bankruptcy fees starting at $3,000 or creditors suing you, business debt settlement often saves business owners significantly more than the cost of our services.
What If Creditors Sue My Business?
Unfortunately aggressive creditors sometimes pursue legal action over unpaid debts. If you are sued, dealing with things alone can be intimidating whether you represent yourself in court or hire a lawyer charging $300+ per hour.The good news is our debt settlement lawyers can make court cases go away. We leverage our litigation experience to work with creditors’ attorneys behind the scenes negotiating deals that lead to dismissed lawsuits. This spares you from the time demands and uncertainties of going to trial.And if we ever need to formally appear in court on your behalf to contest questionable creditor practices or overreach, we can handle matters efficiently without racking up huge legal bills.
How Long Does Business Debt Settlement Take?
The duration of debt settlement processes vary based on:
- Total debts owed
- Number of creditors
- Creditors willingness to negotiate
However, most of our clients achieve resolutions within 6 to 24 months.We move rapidly to contact all creditors right away. After initial talks, we follow up persistently on a regular basis to push negotiations forward while updating you each step of the way. Once new payment terms have been agreed in principle, finalizing settlement paperwork typically takes between 30 to 90 days.The key is partnering with patient yet assertive legal experts who will not take “no” for an answer from your creditors.
Why Work With Delancey Street?
What sets Delancey Street apart from other debt relief providers is our dedication to personalized services. We are not a mill churning through clients on an assembly line. Rather our experts take the time to understand your unique situation, needs and objectives.Our hands-on approach has helped thousands of business owners across industries not only eliminate debt, but also achieve lasting financial stability and growth.
