West Virginia MCA Defense Lawyers Business Debt Relief
If you run a small business in West Virginia and are struggling with debt, there are options available to help provide relief. At Delancey Street, we specialize in helping business owners settle and restructure debt so they can have a healthier financial future.
How We Can Help
Our team of dedicated experts can work with you to try to settle your business debt and restructure payments to be more manageable. We aim to help business owners in West Virginia have a healthy relationship with money through an easy process tailored to your situation.Some of the ways we may be able to help include:
- Negotiating with creditors to reduce interest rates or principal balances
- Consolidating multiple debts into one monthly payment
- Creating customized repayment plans to fit your budget
- Helping prevent harassment from creditors
- Providing education on better financial management
At Delancey Street, our goal is to provide caring support so you can focus on running your West Virginia business successfully.
Legal Protections for Small Businesses
If you are facing legal action from creditors, there are laws in place to protect small business owners in certain situations. Understanding your rights can help as you navigate the debt relief process.
West Virginia MCA Laws
Merchant cash advances (MCAs) are a common way for small businesses to access quick financing. However, some MCA companies use aggressive collection tactics that take advantage of business owners.West Virginia has laws regulating consumer lending that may provide protections when dealing with MCA debts. This can include limiting interest rates and fees.Consulting a business debt relief lawyer can help you understand if an MCA agreement violates state laws and if you have grounds to contest repayment terms.
West Virginia Commercial Debt Collection Laws
West Virginia also has a commercial debt collection statute that governs how creditors can attempt to collect from businesses. Key aspects include:
- Prohibiting threats of violence or criminal prosecution
- Banning calls at unreasonable hours
- Limiting calls to a reasonable number per week
- Requiring validation of debts
Violations of these collection laws may allow you to halt harassment from creditors seeking repayment. Again, speaking to legal counsel specialized in debt relief can advise if your rights are being infringed upon.
Why Work With Us?
Here’s why struggling West Virginia business owners can benefit from partnering with Delancey Street for debt relief and financial rehabilitation:Experienced TeamOur dedicated advisors have years of experience helping small business owners settle debts and restructure financing. We know how to negotiate effectively on your behalf.Customized PlansWe take a personalized approach and tailor solutions to match your business needs, instead of taking a one-size-fits-all strategy.Understanding AdvisorsWe know running a small business is difficult, which is why our advisors offer judgement-free guidance and compassion.Education & ToolsIn addition to debt relief, we provide coaching so you can build skills to better manage finances going forward.Trusted Track RecordWith an A rating from the Better Business Bureau, you can trust that we live up to our commitments with honesty and integrity.Free ConsultationThere’s no obligation to get started—contact us for a free session to discuss your situation and options.
What Our West Virginia Small Business Clients Say
See why real business owners in West Virginia recommend working with Delancey Street for debt relief and financial rehabilitation:
“The team at Delancey Street helped me consolidate multiple high-interest loans into one affordable monthly payment. I’m finally able to keep up with my bills thanks to them.” – Steve, Charleston WV
“Their debt advisors walked me through the whole process step-by-step and got my creditors to agree to much lower repayment amounts. I wish I had contacted them sooner.” – Lisa, Huntington WV
“After a slow season, I fell behind on merchant cash advance repayments. Delancey Street got the MCA company to lower the interest rate and create a reasonable payment plan so I could get caught up.” – Mike, Morgantown WV
Learn more about working with us →
What Debt Relief Options Are Available?
If you have business debt in West Virginia that you’re unable to pay back, some potential paths forward include:
Debt Consolidation
Consolidating multiple debts into one can simplify repayment. We may be able to negotiate lower interest rates too.
Debt Settlement
We negotiate with creditors to agree on paying a lump-sum that is less than what you owe. This can wipe out debt.
Debt Management Plans
We can secure more affordable payment plans from creditors so you can pay back debt over time.
Bankruptcy
For severe cases, declaring Chapter 7 or Chapter 11 bankruptcy may be an option to eliminate debt. Consultation with a lawyer is recommended to explore if this is right for your situation.The path we recommend will depend on factors like the types of debt you have, your revenue and expenses, and the value of your business assets.Get in touch for a free session so we can review your specific situation. Our team can then outline debt relief options suited for your West Virginia business.
Addressing Common Client Concerns
We know that seeking debt relief brings up many questions and concerns. Here we address some worries that West Virginia small business owners frequently have:**Are there upfront fees?**No. Our services have no upfront costs. We only collect our negotiated fee if and when we secure debt relief for you.Will this hurt my business’ credit?We do everything possible to protect your credit rating while providing debt relief. In some cases, a temporary setback is possible if debts must be settled at less than full balances. But removing unmanageable debt can allow you to rebuild credit.**Is the process difficult?**We make debt relief as seamless as possible. You can leave the negotiating to us while you focus on your business. In many cases, we simply setup automated payments.**Can I pick which debts to address?**Yes. We allow you to select which business debts should take priority for relief or restructuring. You remain in control.**What results are realistic?**On average, our clients save 40% off their debts. But results vary case-by-case. In a free consultation, we can review your unique situation and provide clear expectations.**Will creditors keep harassing me?**When you have an advocate like us negotiating on your behalf, it can halt creditor harassment. We handle communicating with creditors going forward.Still have questions? Get in touch and we’re happy to discuss your West Virginia business debt relief needs.
Our Debt Relief Process Step-By-Step
If you work with Delancey Street for small business debt relief, here is the process you can expect:
1. Free ConsultationContact us for a no-obligation consultation. We’ll discuss your business finances, debts, challenges, and objectives to determine the best debt relief solutions.
2. Client AgreementWe formalize terms so everything is transparent from day one. This includes our fee structure, what debts we’ll address, projected savings, and what efforts we’ll take.
3. Information GatheringYou provide details and documentation on your accounts payable so we understand who your creditors are and how much you owe.
4. Case AssessmentWe conduct due diligence to verify your debts and evaluate your creditors’ willingness to negotiate relief packages.
5. Proposal CreationLeveraging our expertise, we craft customized proposals requesting your creditors to reduce, settle, or restructure your business debt.
6. Negotiations & SettlementsWe negotiate with creditors on your behalf, securing favorable debt reductions and payment plans. Most creditors accept initial proposals or counteroffers.
7. Payment SetupOnce terms are agreed upon, we assist you in setting up structured payments to your creditors. Automation makes meeting obligations simple.
8. Client CommunicationsThroughout the process, we provide updates on status and notify you once negotiations succeed. We answer any questions along the way.
9. Education & Future PlanningBesides just debt relief, we educate you on techniques to sustain strong finances moving forward so you can avoid ending up back in debt.
Let us put our proven process to work for your West Virginia business.
Connect with us for a free consultation and we can explore what debt relief solutions make sense for your situation.
Our Team Can Serve As Your Advocate
Trying to negotiate business debt relief on your own can be frustrating and ineffective if you lack experience. Delancey Street’s advisors serve as your advocate, leveraging years of expertise to secure optimal terms.
We Handle the Communications
You can let us interact with creditors directly so you don’t have the headache of fielding calls or letters requesting payments. We’ll negotiate on your behalf and provide status updates.
We Know What Tactics Work
Through thousands of cases, we’ve learned what verbiage, proposals, and compromises convince creditors to settle or restructure debts favorably. We can save you time and money.
We Have Established Relationships
Many creditors recognize us as a reputable debt relief firm as we’ve worked with them across many clients. This gets us to solutions promptly.
We Have Your Back
Debt collectors can seem intimidating. But you can feel confident with us on your team using our expertise to minimize repayment while protecting your rights.Don’t tackle business debt alone. Partner with Delancey Street to gain an advocate with experience securing relief for small business owners nationwide.
Due Diligence Questions We May Ask About Your Debt
To best assess your situation and prepare effective proposals to creditors, our advisors ask West Virginia business owners key questions regarding their debt, including:What types of debt are owed?
- Examples: Loans, merchant cash advances, lines of credit, unpaid invoices
Who are the creditors or debt collection agencies?
- Specific names of companies owed
What was the original debt amount and terms?
- Total initial balances, interest rates, payment schedule
What is the current balance owed?
- Remaining amounts if payments were made
What events led to falling behind on payments?
- Revenue decline, unexpected expenses, etc.
What ability is there to make any payments currently?
- Monthly free cash flow available
Have you received written notices or calls?
- Details on creditor communication and threats
What assets or collateral is pledged?
- Security provided to obtain financing
By understanding details like this, Delancey Street can put together the clearest picture of your situation and make the strongest case possible to creditors when seeking relief packages on your behalf.We make our evaluation process simple and convenient too. Much of this can be gathered online through a client portal or we can work with your accountant. Let us handle the legwork!
Common Mistakes West Virginia Small Business Owners Make
Running your own business comes with learning tough lessons at times. When cash flow slows, many well-intentioned West Virginia business owners make financial missteps that only create bigger issues.
Using Personal Credit Cards
It’s tempting to rely on personal credit if business revenues dip. But this makes separating finances complicated for tax and liability purposes. Also, personal cards have higher rates typically.
Paying Creditors Without a Plan
Scrambling to make minimum payments to various creditors each month prevents you from budgeting effectively. And it leaves you vulnerable if any single creditor chooses to pursue legal actions first.
Not Knowing Your Rights & Protections
West Virginia has laws meant to protect small business owners from predatory lending and harassment from creditors and debt collectors. But many owners are unaware of these rights.
Trying to Negotiate Alone
It’s very difficult to negotiate effectively with multiple creditors on your own, especially larger banks and institutional lenders. Their incentive is to maximize repayments.
Draining Emergency Funds
Tapping cash reserves you have for emergencies may plug short-term cash flow gaps. But doing so regularly will leave you high and dry when the next crisis strikes.
Delancey Street helps West Virginia small business owners avoid missteps like these. Our debt relief advisors provide guidance you can trust and serve as allies and experts on your behalf, so you can have confidence you are taking the smartest path forward.
