Wyoming 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 money gets tight, suddenly you’ve got debt collectors calling nonstop. That’s when you know you need help from someone who knows what they’re doing.At Delancey Street, we get it. We’re not some huge law firm with fancy lawyers in suits chargin’ 500 bucks an hour. Nah, we’re just a bunch of folks who’ve been around the block a few times when it comes to dealing with business debt. And even though we ain’t official lawyers ourselves, we partner with some real good attorneys who know all the ins and outs of debt settlement, merchant cash advances and stuff like that.So if you’ve got a small business in Wyoming and are feelin’ squeezed by creditors and merchant cash advance companies, give us a holler at 212-210-1851. We’ll take a look at your situation, see what options you’ve got, and connect you with one of our legal eagles if we think you could benefit from some professional advice.
The Nitty Gritty of Business Debt Settlement in Wyoming
Let’s get into the nitty gritty here. There’s a few different ways we can help if your Wyoming business is struggling with debt:Debt settlement – This is when your creditors agree to let you pay less than the full amount you owe. So let’s say you owe $100k. We could maybe negotiate that down to $60k and get the creditors to call it good. This usually works best for unsecured debt like credit cards, personal loans, vendor debt, etc.Bankruptcy – Declaring Chapter 7 or Chapter 11 bankruptcy basically wipes out most of your business debt. The court appoints a trustee who oversees liquidating your company’s assets to pay back what they can to creditors. What’s left unpaid gets discharged so you get a fresh start. Downsides are the damage to your business credit and all the legal hoops to jump through.Debt consolidation loan – This rolls all your debts into one big loan, ideally with a lower monthly payment. Lets you pay everything off over time without needing to settle for less or file bankruptcy. The catch is you need good enough credit to qualify for such a sizable loan in the first place.Payment plans – Less drastic than the other options, but you can sometimes negotiate revised payment plans on a case by case basis with creditors. Maybe lower minimum payments, longer terms, reduced interest rates, etc. Helps ease the burden without settling or defaulting on anything.So those are some of the main weapons in our arsenal. The key is finding the right approach based on factors like:
- Total debt amount
- Types of debt
- Collateral tied up
- Your revenue and expenses
- Credit score and history
- Value of business assets
- And more…
Our legal partners have decades of experience assessing all those things to figure out your best path forward under Wyoming law.Which brings me to my next point…
Understanding Wyoming’s Business Debt Laws
Look, I ain’t gonna pretend I’m some hotshot Yale lawyer who knows every nook and cranny of Wyoming’s legal code. But I’ve been working with small business clients in the Cowboy State for over 20 years now. So I’ve picked up a thing or two about the laws and regulations we gotta navigate in order to settle your debts.Here’s the key things you should know:No special debt settlement licensing – Unlike some other states, Wyoming doesn’t require any special license or bonding for companies doing debt settlement services. That’s good news since it means more options for getting help, but also means watching out for shady operators.Statute of limitations – This gives creditors a time limit to sue you over unpaid debts. In WY it’s 8 years for oral agreements, and 10 years for written contracts. Know these deadlines, because once they pass that debt technically becomes unenforceable.Wage garnishment – Your creditors can seek court orders to garnish your wages (skim money off each paycheck) to collect on debts. Federal law caps this at 25% of disposable earnings or the amount over 30 times federal minimum wage.Bank account levies – Creditors can also try to freeze and seize money out of your bank accounts through court ordered levies. Exemptions exist to protect limited funds for basic living expenses.Property liens – If you fall behind on secured debts tied to property, they can place liens on those business assets and force a sale to get repaid. Know what liens are in play as that impacts options.B2B credit reporting – Business-to-business debts like supplier invoices often don’t appear on consumer credit reports and vice versa. But beware “cross-pollution” where business delinquencies drag down your personal score.Special MCA rules? – Merchant cash advances aren’t technically loans, but some states now regulate them as such with interest rate caps etc. Not fully clear if Wyoming law addresses them specifically yet.That’s just a quick overview of the major factors and protections borrowers have in Wyoming. Our affiliated lawyers can elaborate on specifics as they evaluate your case if you decide to work with us.Now let’s get into merchant cash advances in more detail…
The Pitfalls of Merchant Cash Advances in Wyoming
Lots of small businesses turn to merchant cash advance (MCA) companies for quick financing without all the hassle of bank loans. The idea is they give you a lump sum up front, which you repay over time through a fixed percentage of daily credit card sales. Easy right?Well…not always. Some MCAs charge exorbitant rates exceeding 100% APR when all the fees add up. Let’s say you got a $50k advance but the high percentage bites deep into your sales, barely leaving enough to cover overhead let alone repay the MCA. You can get stuck in an endless cycle just trying to tread water.Other sketchy practices like double-dipping from multiple payment processors linked to the MCA can pile on even more fees. Or the terms might let them grab repayment amounts straight from your bank account regardless of actual charge volume. Plus if your revenue drops for whatever reason, you get slapped with penalties for coming up short of the contracted daily payments.You see how ugly MCAs can get in a hurry? Now imagine dealing with multiple ones at once!But hey, before you panic about suddenly needing to shutter up shop…take a breath. We can sort this out together. Our legal network here at Delancey Street includes attorneys well-versed in merchant cash advances and how to handle disputes with those companies.They can dig into the terms you signed, identify any predatory clauses, see if certain fees or penalties are even legal, negotiate settlements if you defaulted, and more. The goal is getting you back on solid footing without the MCA albatrosses dragging your Wyoming biz to the ocean floor.
Options for Settling MCA Debt
If you do default on an MCA agreement, what are your options?Well step one is stop ignoring them. Communication is key even when you know you can’t afford the payments. Explain your situation and try to work out new terms. The longer you avoid them, the more fees pile up and the less willing they’ll be to compromise.If that fails, explore debt settlement. MCAs technically aren’t loans, but third party debt settlement firms like us can still negotiate discounted payoffs on your behalf. This lets you resolve balances at a fraction of what’s owed. Much more feasible than paying full freight including jacked up penalties.Alternatively, discuss payment plans that better match your current sales volumes. See if they’ll lower the daily repayment percentage to free up cash flow while still steadily paying them back. Get everything restructured into more affordable bites.In more dire cases, bankruptcy may make sense as a last resort nuclear option. Filing Chapter 7 or Chapter 11 can eliminate outstanding MCA balances entirely through liquidation or restructuring. You’ll take a hit to your business credit but at least give yourself a clean slate going forward.And if talks stall because of unreasonable MCA demands or failure to provide proper documentation? That’s when our lawyers can put their gloves on and pursue legal action against shady merchant cash lenders violating state laws.Whether it’s negotiating for you, reviewing contracts for violations, or going to court if necessary…we’ve got your back dealing with merchant cash advance headaches!
Lean on Our Legal Eagles
I wanna be straight with ya here – I don’t have all the answers when it comes to complex business debt problems. Heck, that’s exactly why we partner with such an awesome team of legal experts across the country.These men and women have decades of hands-on experience guiding small business owners just like you through debt settlement, credit repair, merchant cash advance disputes, and anything else related to relieving financial burdens.They’re not just gonna spout some cookie cutter legalese mumbo jumbo at you either. We make it our mission to educate clients every step of the way in plain English so you understand all your options. That’s how we can tackle challenges, weigh pros and cons together, and decide on smart strategies for your unique situation.On top of that, we won’t leave you hanging after dishing out advice. Getting affordable help actually implementing those debt relief plans is key. So our full service approach includes assisting with negotiations, drawing up new repayment agreements, modifying contracts, consolidating balances into manageable loans, restructuring payments to improve cash flow…and providing ongoing support to get your finances back in order.If you have any questions or want to discuss the debt dilemmas facing your Wyoming business, give me a call at 212-210-1851 for a free initial consultation. Or check us out online at https://www.delanceystreet.com to learn more about how we can help.
