Mississippi Business Debt Settlement and MCA Lawyers Provide Relief
Small business owners in Mississippi face many financial challenges. Debt from loans, credit cards, and merchant cash advances can become overwhelming. Fortunately, there are experienced attorneys in Mississippi who provide legal debt relief services to business owners.
The Stress of Business Debt
Running a small business is extremely difficult. Managing cash flow, making payroll, dealing with regulations – it’s a constant battle
As a result, many business owners rack up significant debt just to keep their company afloat. Average small business debt exceeds $195,000 in the US.
This business debt can include:
- Bank loans
- Credit cards
- Merchant cash advances (MCAs)
- Equipment financing
- Personal loans used for the business
Trying to keep up with monthly payments on all these debts, plus interest, can be incredibly stressful. It’s easy to fall behind and end up facing aggressive debt collectors.
How Mississippi Business Debt Lawyers Can Help
If your Mississippi business is overwhelmed by debt, working with an experienced attorney is crucial.
They understand all the legal options available to get your debt under control.
An attorney can help with strategies like:
- Debt settlement – Negotiating directly with creditors/lenders to reduce what you owe. Often settlements are 30-50% less than the full balance.
- Debt restructuring – Adjusting the repayment terms, interest rate, etc. to make monthly payments more affordable.
- Bankruptcy – As an absolute last resort, filing Chapter 7 or Chapter 11 bankruptcy may eliminate unpayable debts.
The right approach depends on your specific situation. A knowledgeable Mississippi debt relief attorney will objectively assess your debts and cash flow to determine the optimal solution.
Challenges of Mississippi Merchant Cash Advances
One major source of small business debt we see are merchant cash advances (MCAs). MCA loans provide fast access to capital by selling a percentage of future credit card sales back to the MCA company.
While convenient at first, MCAs often snowball out of control:
- Excessively high payments become unmanageable
- Persistent debt collectors if you fall behind
- Ballooning balances from fees and interest exceeding 100% APR
Many Mississippi business owners feel trapped and overwhelmed by their MCA debt. The good news is that experienced attorneys can negotiate MCA settlements or restructures for significant relief.
Mississippi MCA & Debt Settlement Law Firm
Here at Delancey Street, our attorneys provide customized debt relief and defense solutions for small business owners across Mississippi. This includes negotiating, settling, and restructuring unmanageable MCA loans.
Our team has over 10 years of experience helping small business clients resolve financial challenges. We take an empathetic, personalized approach to each case.
What makes us unique?
- Non-profit status – Our only goal is helping clients, not profits
- Custom team assigned to you
- Ongoing financial coaching/counseling
- Over 90% success rate getting debts reduced or dismissed
We offer a free consultation to review your situation and suggest potential solutions. Call us today at 212-210-1851 to speak with a Mississippi business debt attorney.
Getting experienced legal help provides real hope of resolving your business debts and getting back on the path to financial stability. So take that first step and contact our caring team.
Mississippi Business Bankruptcy: When It’s the Only Option
While bankruptcy should be an absolute last resort, it is a legal option for Mississippi business owners facing insurmountable debts they simply have no way to pay off.
In some cases, filing Chapter 7 or Chapter 11 bankruptcy may be the only realistic path forward.
How Business Bankruptcy Works
There are a few different types of business bankruptcy filings:
- Chapter 7 – Business assets are liquidated to pay creditors. Remaining debts are eliminated, allowing a fresh start.
- Chapter 11 – Debt restructuring plan without liquidation. More complex but allows business to continue operating.
- Chapter 13 – Not applicable to corporations or LLCs. For sole proprietors only.
The bankruptcy process provides protection from any collection activities and harassment from creditors.
Of course the impact on your business credit score will be severe. And there may be tax consequences on discharged debt. So bankruptcy is very much a last option if settlements or restructuring fail.
Speak to a Mississippi Bankruptcy Lawyer
The business bankruptcy process is complex, with many nuances in Mississippi law. Working with an experienced local bankruptcy attorney is strongly advised before making any filing decision.
At Delancey Street, our legal team can advise if bankruptcy makes sense for your small business situation. We take an empathetic approach and explain all options so you can make an informed decision.
To schedule a free case assessment with our Mississippi business bankruptcy lawyers, call 212-210-1851 or contact us online.
Conclusion
Mississippi business owners have options for resolving overwhelming debt, even Merchant Cash Advance loans. An experienced attorney can negotiate settlements or restructures for significant relief.
If debts become completely unmanageable, filing Chapter 7 or Chapter 11 bankruptcy may be a last resort.
Here at Delancey Street, our legal team provides customized debt relief solutions for small business owners across Mississippi. We offer a free consultation to review your situation and suggest potential solutions.
To speak with one of our caring Mississippi business debt lawyers, call 212-210-1851 today.
