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Need Business Debt Relief in NYC? Get Smart Solutions Now

Feeling buried under a mountain of business debt in New York City? You’re not alone – and there ARE ways out. Let’s look at some practical strategies for handling:

Merchant Cash Advances

Those fast cash injections from companies like RBF Capital and Yellowstone Capital can be a lifeline for small businesses. But, default – and you could face disastrous consequences like personal liability and crippling interest rates.

So, what do you do, if you get hit – with one of these things? Ignoring it, won’t make it go away. But you do have options:

Option 1: Negotiate
An experienced debt settlement attorney may be able to renegotiate more favorable terms. Restructuring the debt, or even settling for a lump sum that’s less than the total owed. After all, these lenders want to get paid.

Option 2: Declare Bankruptcy
For some businesses, bankruptcy makes the most sense to discharge MCA debt. But beware – it’s complicated. You’ll need legal guidance on:

– Which bankruptcy type is right for your situation
– Potential downsides like damaged credit
– Ensuring MCAs are eligible for discharge

Option 3: Fight Back
Were you a victim of deceptive or predatory lending? If so, you may be able to:

– Argue the MCA agreement is void based on violations
– File usury claims for illegal high interest rates
– Seek damages for fraudulent practices

The key? Consulting an attorney who specializes in MCA cases and knows the debt relief laws inside-out.

See also  Connecticut Business Debt Settlement Lawyers

Other Crushing Debts

Maybe an MCA avalanche triggered the crisis. Or perhaps it’s unpaid vendor bills, rent, taxes, or employee wages strangling your cash flow.

Whatever the cause, you NEED to take action – or risk asset seizures, liens, lawsuits, or worse: business shutdown. So what are your best next steps?

Consider These Debt Relief Strategies:

Debt Consolidation/Refinancing
Rolling multiple high-interest debts into one new loan, ideally with better terms. But watch out – predatory consolidation lenders abound.

Debt Settlement
An attorney negotiates lump-sum settlements with creditors for a portion of what’s owed. Particularly effective if you’re truly insolvent.

Debt Restructuring
Like a consolidated mortgage, this extends terms, lowers interest/payments – giving oxygen to get current on amounts owed.

When to Declare Bankruptcy

For some stressed companies, bankruptcy is unavoidable. If so, choosing the right type is critical:

Chapter 11
Allows continued operations while reorganizing debt under court protection. But it’s complex and expensive – not for small businesses.

Chapter 7
Businesses with unmanageable debts cease operations via liquidation. But certain tax/employee obligations may NOT be dischargeable.

Chapter 13
For smaller debts under bankruptcy limits, companies reorganize with court-approved repayment plans over 3-5 years.

The bottom line? Don’t wait until the situation is desperate to weigh bankruptcy options. Consult an attorney early on potential impacts.

Where to Get Top-Tier Business Debt Help in New York

Look, we get it. Debt problems are stressful – and the legal solutions confusing. But you CAN get your NYC business out of this financial mess.

At Spodek Law Group, our debt relief attorneys eat, sleep, and breathe debt negotiation and restructuring. We have over 50 years of bankrupting creditors like merchant cash advance lenders, unforgiving landlords, and the IRS.

See also  Virginia Beach Merchant Cash Advance Debt Relief Lawyers

We employ unconventional strategies, like the Marshall Maverick – a strategy for crushing creditors in “David vs. Goliath” battles. So if you need serious muscle to force settlements, we’re the guys.

We Offer Big Apple Businesses:

✔️ Free Consultations – Come in for an honest debt evaluation.
✔️ Contingency Fees – We eat the legal costs unless we win.
✔️ Trial Experience – We’re not afraid of courtroom battles.
✔️ Debt Validation – We scrutinize every penny creditors claim you owe.

Ready to breathe easier and make crippling business debt a thing of the past? Our team passionately fights to protect your NYC company’s future.

So Why Keep Struggling? Contact Spodek Law Group Today!

Delancey Street is here for you

Our team is available always to help you. Regardless of whether you need advice, or just want to run a scenario by us. We take pride in the fact our team loves working with our clients - and truly cares about their financial and mental wellbeing.

"Super fast, and super courteous, Delancey Street is amazing"
Leo
$500,000 MCA Restructured Over 3 Years
"Thanks for helping me in literally 24 hours"
Jason
$250,000 SBA Loan Offer in Compromise
"Great choice for business owners who need a trustworthy partner"
Mary
$350,000 MCA Restructured Over 2 Years

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