IF YOU’RE LOOKING FOR A BUSINESS DEBT SETTLEMENT COMPANY, VISIT DELANCEY STREET. CLICK HERE NOW.

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Rhode Island Business Debt Settlement and Merchant Cash Advance Lawyers

Running a small business is tough. Between managing employees, keeping customers happy, and actually making a profit, things can get overwhelming real quick. And if you’re struggling with business debt like loans or merchant cash advances? Well
that just adds a whole extra layer of stress.Believe me, I get it. I’ve worked with tons of small business owners in Rhode Island who have found themselves falling behind on payments or getting harassed by debt collectors. It’s no fun at all. But here’s the good news – you don’t have to handle this stuff on your own.At Delancey Street, we specialize in helping business owners get out from under crushing debt so you can get back to running your company. And even though we’re not technically a law firm, we do have experienced attorneys on staff who know all the ins and outs of Rhode Island’s business debt laws.So in this guide, I wanted to give you an overview of how business debt settlement works in Rhode Island, your rights and defenses as a business owner, and how our team of legal experts can help lighten the load.

An Overview of Rhode Island’s Business Debt Settlement Laws

Every state has its own unique laws when it comes to settling business debt. So if you operate in Rhode Island, it’s important to understand the specifics of what is and isn’t allowed.Some key things to know:

• Rhode Island does not have any statutes that explicitly authorize or prohibit business debt settlement services. Everything is handled on a common law basis.
• There are no licensing requirements for companies offering business debt settlement services in RI.
• However, business debt settlement companies may be subject to Rhode Island’s credit counseling and debt management services statutes.
• Businesses cannot be harassed or abused by debt collectors. Collectors must adhere to both federal and Rhode Island debt collection laws.

What does all this mean for a Rhode Island business owner struggling with debt? Basically, you have options when it comes to settling your debts or seeking relief – but make sure any company you work with is operating ethically and legally within the state.

Your Rights & Defenses Against Debt Collectors

Dealing with aggressive debt collectors is the absolute worst. The constant calls, the threats to sue or ruin your business, the downright harassment – it takes a major toll. But here’s the kicker: <b>a lot of their scare tactics are actually illegal.</b>Both federal and Rhode Island debt collection laws prohibit collectors from engaging in harassment, abuse, unfair practices, and false statements. Collectors cannot:

• Threaten violence or criminal acts
• Use obscene or profane language
• Repeatedly use the phone to annoy you
• Misrepresent the amount you owe
• Falsely claim to be an attorney or law enforcement officer
• Threaten to seize your property or garnish wages without a court order

And if they violate these rules? You have every right to sue them for breaking the law under the Fair Debt Collection Practices Act and Rhode Island’s Fair Debt Collection Practices Act.So don’t let them intimidate you! Know your rights and don’t hesitate to push back on shady collector behavior. We can even help you draft letters disputing debts or demanding collectors cease contact.

How Our Team Can Settle Your Business Debts

If you’re struggling to pay back loans, merchant cash advances, or other business debts, we get it – and we can help.At Delancey Street, our team of legal and financial experts specialize in negotiating debt settlements so you can finally stop stressing about creditors harassing you.We start by reviewing your full financial situation and specific debts to strategize the best approach. We’ll research details like:

• Original loan/debt amount
• Total amount owed including fees
• Payment history
• Collateral tied to the debt
• Applicable laws and statutes of limitations

Armed with this intel, our lawyers then reach out to creditors and collectors to negotiate a settlement. This usually involves agreeing to pay a lump-sum that is less than what you originally owed in exchange for forgiving the remaining balance.Throughout the process we make sure to:

• Cease communication between you and collectors
• Ensure collectors adhere to all applicable laws
• Craft settlements in your best interest
• Provide guidance on restructuring payments

Settling your debts can finally provide relief and let you get out from under the crippling weight of owing creditors. Our legal team handles all negotiations so you can focus on what matters most – running your Rhode Island business.

Have Questions? Reach Out for a Free Consultation

Dealing with business debt is hard enough without having to decipher complex laws or battle aggressive collectors. Luckily, the team at Delancey Street has your back.Our business debt experts and attorneys can help negotiate settlements so you can move forward. And we offer free consultations to review your situation and answer any questions.