New Mexico Business Debt Settlement and Merchant Cash Advance Lawyers
Struggling with business debt in New Mexico? You may be able to settle your debts or dispute unfair merchant cash advances with the help of experienced lawyers.
Overview of Business Debt Relief Options
If your New Mexico business is facing unmanageable debt from loans, credit cards, suppliers, or merchant cash advances, you have options to resolve the situation. A business debt settlement lawyer can help you:
- Negotiate with creditors to reduce your debt burden
- Restructure repayment terms so they are more affordable
- Defend against lawsuits from creditors
- Explore bankruptcy if debt settlement is not possible
Business Debt Settlement
Debt settlement, also called debt arbitration or debt negotiation, involves working with your creditors to reduce the amount you owe. A business debt settlement lawyer will negotiate with creditors on your behalf to convince them to accept a lump sum payment that is less than the full balance owed. Creditors often agree to this because they would rather have a portion of the debt paid than risk nonpayment through bankruptcy.The key benefits of business debt settlement include:
- Settling debt for pennies on the dollar
- Consolidating multiple debts into one monthly payment
- Avoiding bankruptcy and foreclosure
- Stopping creditor harassment and lawsuits
- Improving cash flow as debt is eliminated
According to the New Mexico Regulation and Licensing Department, debt settlement companies operating in the state must be registered and bonded. So be sure to work with a legitimate, licensed business debt settlement law firm.
Defending Against Merchant Cash Advance Lawsuits
Merchant cash advances (MCAs) are a form of business financing where a company gets an upfront lump sum in exchange for agreeing to pay back a percentage of future credit card sales. While MCAs provide fast access to capital, they often come with exorbitant interest rates and aggressive collection tactics when businesses fall behind on payments.If you took out a merchant cash advance in New Mexico and are now facing threats of legal action, a business litigation lawyer can help defend your rights. An attorney can review your MCA contract to spot unlawful terms and abusive lending practices. They may be able to get the lawsuit dismissed or delay legal proceedings to give your business time to improve cash flow.
New Mexico Business Bankruptcy Lawyers
Filing business bankruptcy should be a last resort when other debt relief options have failed. Under the bankruptcy code, there are two main types of bankruptcy available to New Mexico businesses:
Chapter 7 Bankruptcy: Liquidates the company’s assets to pay creditors. The business must cease operations after assets are sold off.
Chapter 11 Bankruptcy: Allows the business to continue operating while a repayment plan is developed under court supervision. Often used by larger companies aiming to reorganize.Hiring an experienced New Mexico bankruptcy lawyer is essential if you decide to take the bankruptcy route. Navigating the complex bankruptcy code and court procedures requires specific legal expertise. A lawyer will handle documentation, negotiations with creditors, attending court hearings, and advising you on your options.
How Delancey Street Can Help With Business Debt Relief
Delancey Street is not a law firm, but we partner with qualified attorneys to offer customized debt relief solutions to business owners. Our financial experts provide free consultations to review your situation and determine the most suitable debt relief approach. We take care of all negotiations with creditors and legal service providers so you can focus on running your company.
To speak with one of our business debt relief specialists, call 212-210-1851 or contact us online. Getting professional help is the first step to resolving your debt and securing your business’ future.
