Business Debt Settlement
We recommend smart and responsible ways
of managing your business debt
Settling your business debt with a lender doesn’t have to be contentious. There are legal, and risk free, ways of dealing with your debt that prevent situations from escalating. That’s the approach we take.
We’re on a mission to change how you look at the law
When you have a legal or financial issue, you shouldn’t be afraid. You shouldn’t give up – just because hiring an attorney is scary. We make it so you have a team of experts ready to help you at all times.
We’re the solution to expensive business loans
If merchant cash advances and business loans are crushing you, our team can help you get the legal and financial help you need.
We handle a wide array of business issues
Regardless of whether you have business debt, merchant cash advances, term loans, equipment financing, or other business loans – we can help you. Our goal is to take a legal approach to help you AVOID defaulting on your business loans and restructure them into something that WORKS for your business.
We can help
We understand that you don’t want extra problems, we work with you to ensure that you handle your debt properly.
Hiring Lawscape is the simplest decision you’ll make
Lawscape is committed to solving your problem. Unlike other law firms, we take a problem centric solution – which means we identify how to solve your issue.
We’re tech oriented
We have a virtual process that’s completely digital, and makes it easy for you to know what’s going on
Our team members have impeccable results and that’s important when you hire an attorney
We have more than just attorneys, we have a team of professionals in many areas who understand how to solve problems
WE GET RESULTS
Pay over time
We over flexible convenient monthly payment plans.
Regardless of the legal problem you face, we can help.
Business Debt Settlement and Debt Relief
What types of debt qualify for business debt settlement?
Virtually any type of business debt can qualify for debt management and settlement. Some debts, that are collateralized, must be handled differently, whereas unsecured debts like merchant cash advances can be handled more aggressively.
Should I stop paying my lenders immediately?
Absolutely not. You should always try to maintain your financial obligations. You should never unilaterally decide to stop payments on a lender. You have to engage in a comprehensive discussion first with the lender and use the facts to prove why the payments should be reduced or lowered. This is part of the Lawscape “process.”
How can Lawscape help?
Lawscape has a team of attorneys, financial experts, and more, who is here to take on any lender who tries to bully you. The fact is, if you’re alone, some lenders may take advantage of that. We balance the scales by giving you the help you need.
The promise is simple: a safer way to manage your debt.
Start the process today
Restore your peace of mind, and speak to a Lawscape team member
The consultation is free. We talk to you about your situation, give you a frank assessment, and then decide with you what’s the best next action.
Business Debt Settlement
Did you take expensive, high interest, business loans / merchant cash advances in the past, and now you’re struggling to keep up with the expensive payment? We understand the difficult you face. Lawscape is a premier and top rated business debt settlement law firm that helps clients nationwide.
If you’re facing challenges paying back your merchant cash advance, we can help. We understand the difficulties you face, and can help you get the settlement you need on the business debt you took. Often, merchant cash advances are VERY expensive, and super difficult to pay back due to the fact they are a daily payment. When you get a merchant cash advance, you’re agreeing to a daily, or weekly, payment, and it’s a high interest loan.
What business debt settlement can accomplish:
- Reach settlements with creditors
- Stretch your merchant cash advance over a greater period of time
- Reduce the amount you owe
- Spend less time dealing with creditors
- Eliminate business debt
Why companies choose business debt settlement
When you work with a law firm like Lawscape, they take over everything for you. They reach out to lenders on your behalf and notify them you’re working with a debt settlement/negotiation company. All future contact goes through the debt settlement company, which allows you to focus on your business. Companies like Lawscape create custom made programs which help you get a successful cash advance settlement. They have experience working with lenders nationwide, and the strategies they preach can help you settle your debt. Another great benefit of business debt settlement is that it can help you reduce your payment by up to 50%, and can lengthen your payment terms which result in additional savings.
Whose a great candidate for business debt settlement?
- If you have more than one merchant cash advance
- If your cash advance lender is taking a lot of money from you daily
- If you have a negative balance, or bounced checks
- If there is a drop in your income since taking the cash advance
- If you’re taking out multiple cash advances in one year
- If you’re late on payroll, rent, etc
- If you’ve maxed out personal credit cards to repay the cash advance
- You need to take an additional cash advance to repay this one
What are examples of business debt settlement
There are a number of ways debt settlement can help. Debt settlement companies can offer small business debt consolidation. It means instead of making multiple payments to multiple lenders, you make just one recurring payment. Another way they can help you is by helping you get a merchant cash advance settlement – which is a great way to save your business. There are a lot of high interest rates and fees associated with merchant cash advances – especially if you take a second position cash advance. Lawscape can negotiate your balances and put you in control. Companies like Lawscape can help with unsecured debt and secured debt. For example, unsecured debt such as a merchant cash advance is burdensome due to the fact there’s no collateral.
Business Debt Settlement and Business Debt Negotiation
Business debt settlement and negotiation is an effective way of stopping the financial drain you’re experiencing. The attorneys at Lawscape, PC, can help you put a plan in place to negotiate down your debt, and resolve it for good. Debt negotiation is an effective method of debt settlement. It involves negotiating for a reduction of your debt. It usually results in your business debt being settled for less. The debtor pays the creditor less than what was owed/allegedly owed. Achieving successful business debt settlement through debt negotiation isn’t easy. It requires knowledge of the law and negotiation skills.
Can you negotiate your own business debt settlement?
It may be possible in some cases. You might not get the best results. It might make sense to hire an expert attorney who truly understands how to do it. If you have little debt, and are only dealing with one debtor, then it might make sense to try negotiating on your own.
If your small business is struggling to meet its obligations, and needs debt relief assistance – you’re not alone. Thousands of small business owners are in desperate financial straights. Many survive by becoming leaner, and more frugal. In most cases, they utilize a combination of methods in order to relieve the financial burdens on their business. Before you give up and file bankruptcy, – and go out of business, you should consider other options. Many lenders offer debt consolidation loans to struggling small business clients.
Small business debt consolidation loans
If you meet certain criteria, your small business could qualify for a debt consolidation loan. Many debt consolidation loans can take 5 or more years to pay down your loan in full. If you’ve decided that bankruptcy is your only way out – then you’re not alone. Many small business owners declare bankruptcy every year. The numbers of business owners filing bankruptcy has only increased. There are many reasons to file bankruptcy – there’s no shame. There are two common forms of bankruptcy: Chapter 11 and 13. Known as restructuring, this enables small business owners to negotiate the terms of their credit cards and unsecured loans.
Downsides to filing bankruptcy
Many small business owners who emerge from bankruptcy find themselves in serious financial trouble. The bankruptcy process is very detrimental to your credit score. Your personal credit score might be shielded if you have a business corporation – but your business’ credit profile will be damaged if you engage in restructuring. Once your firm emerges, you’ll find that the cost of taking on additional funding is very high. You will have to pay higher interest rates, and have very strict borrowing restrictions. Some loan applications might be denied. It’s hard to expand, or maintain a business, under such circumstances.
Alternatives for small business owners
There are some important distinctions between consumer debt, and small business debt. Some of your unsecured small business debt obligations can qualify for relief through the debt settlement process. All unsecured debts are usually eligible for debt settlement. Debt settlement involves negotiating with creditors to reduce debt. It’s possible to reduce your unsecured debt by a significant amount using a business debt settlement attorney who understands how to restructure and settle your unsecured debts.
What is business debt settlement and business debt negotiation
Debt negotiation involves negotiating for a reduction of a specific debt. This results in the debtor paying the creditor less than the amount owed. Achieving successful debt negotiation, and settlement is not easy. It requires knowledge of federal and state law, in addition to having superb negotiation skills, and the ability to navigate potential lawsuits. You also must understand how to navigate VERY TIGHT agreements that protect debtors. It’s important to know how creditors work. Our attorneys focus on helping clients eliminate their business debt, by successfully negotiating a large reduction in debt without the need for bankruptcy.
Can you negotiate your own business debt?
It’s possible in certain cases, but you may not get the same results as working with an attorney. If you have little debt, and only debtor, then it might make sense to negotiate favorable terms on your own. If you’re like most business owners with substantial debt, and numerous creditors, then it’s likely you’ll find that negotiating on your own debt can be overwhelming. An attorney negotiating your business debt will save you more money than doing it on your own typically.
Ways to save your business with business debt settlement
The first way of saving your business is taking money out of your own pocket, and putting it into the business. This is a risk, because you’re doubling-down and betting you can turn around your business. This will only work though, if you can guarantee the fact in the long term your business will survive.
If you can’t bail your business with private funds, you’ll need to find areas where you can reduce your costs. Perhaps you can sublease office space, or sell equipment. Bottom line, there are many ways of preserving your business by reducing expenses that aren’t needed. Shrinking your workforce isn’t an attractive option, but it can be necessary to keep the business alive. Sometimes consolidating responsibilities is one of the most effective forms of saving your business, by reducing employees.
Contact your Customers
If your customers take 30-90 days to get repaid, then it might be helpful to reach out to the various customers and ask to get paid quicker. If you stay connected with your customers, and find ways to get paid faster – it can help improve your revenue, and allow you to pay your expenses and business debt obligations. Often, the main reason business owners are considering business debt settlement is because they are looking for additional money due to a shortage in daily cash flow. If you contact customers to get paid back faster, if can help improve your cash flow which helps you.
Contact your creditors
When you engage with a law firm like Lawscape, PC, we can help you with your business debt settlement needs. We can contact every one of your creditors, and advise them of your predicament. It means telling them that you are considering bankruptcy, and considering going out of business due to overwhelming debt and exposure to macro economics. Ignoring your lenders will only make your situation terrible. When you act early, it’s easier to tackle your debt problems. It’s in everyone’s interest to find a solution, and speaking to your lenders can result in lower interest rates, a restructure of your payment options, and even a reduction in your overall repayment amount. If you have multiple creditors, or collection agencies, haunting you – we recommend you engage in our business debt settlement program, so we can handle your debt problems. Our firm can negotiate with your creditors on your behalf and potentially help you settle your debts for less than what is owed.
Consolidate your existing business debt
This is another great option when considering how to fix your business debt. When you consolidate your business loans into one payment, this can help reduce your monthly cost without negatively impacting your credit. Business debt consolidation loans can allow you o deal with one creditor, rather than NUMEROUS creditors, and perhaps get a lower interest rate. This process can be facilitated through the help of a business debt consolidation company which will take responsibility for negotiating a new loan, collecting payments from your business, and paying off other creditors. If you secure this loan with business assets it can have a lower interest rate.
Bankruptcy is the last resort for business debt settlement
As a last resort, you can go through Chapter 11 bankruptcy. This is a way to salvage your business. If your business debt challenges are temporary, and the company is viable – but needs breathing room, then Chapter 11 is a viable route. This is a great way of reducing your business debt burden. Our firm can help you potentially. If your business has assets worth less than your debt, bankruptcy can allow you to pay only what the assets are worth – and not the entire balance of your business debt.
Let the business fail
If your business is almost done/dead, then it might make sense to simply let the business fail. If you lock the doors, and walk away, then you might be sued by creditors. If you truly shut down the business, and there’s no allegations of fraud, the creditors will not be able to come after you personally.
Sell the business
Your first option to business debt settlement might be to sell your business in order to pay off your lenders.
Negotiating Debt Settlements When You’re Going Out of Business
When a business closes, it has a lot of debt, to landlords, suppliers, banks, private lenders, etc. After you notify the creditors of your upcoming closure (which can potentially limit your liability), you’ll want to have a game plan on whether you’re going to pay these bills in full, settle them for less, or consider filing bankruptcy. It’s tempting to ignore your debts, and hope your creditors will forget about you. It will result in YEARS of being hounded by collection agencies, lawyers, and lawsuits.
Negotiate deals on your business debt
Assuming you can’t pay your creditors in full, the next question is: how little will they settle for. When you work with a business debt settlement law firm like Lawscape, it can help. We can help you understand the type of creditor you’re working with, the attitude of the creditor, and what legal recourse they have. For example, if your business is an LLC or corporation without any personally guarantee debts, then the creditor will know it has no option of collecting the debt from you personally. It may be willing to accept a small portion of what your business owes as payment.
RESOLVING DEBT BY LOWERING IT, AND SETTLING IT
Debt settlement is a great way to resolve debt. Debt settlement helps you settle the interest, and principal, accrued for an amount lower than what you owe. Debt settlement can help you get the financial freedom you deserve. Debt settlement is possible for both consumers and business owners.
Regardless of how much you owe, debt settlement is one of the most popular methods of debt management. Often, people choose to go the route of debt settlement because they can settle for less than what they actually owe.
Reduce your debt
We can help you reduce the interest and principle.
Settle your debt
We can help you reduce your debt for 30-70% of your debt.
We take over
We will intervene on your behalf and discuss your financial situation with the lenders.
We’ve handled 1000’s of cases just like yours where we were able to negotiate a settlement that worked for our client.
We’re a customer service oriented debt settlement company that works effectively on your behalf.
This is a huge reason why debt settlement is so effective.
Get Debt Relief
Have a permanent solution to your debt issues.
By lowering your overall debt, you can repay it much faster.
We charge lower fees than most competitors, which means more savings for you.
We believe in counseling our clients, so they know the benefits of what they’re about to do.
Have a personal plan
Have a personal plan, made just for you – that is going to work.
BUSINESS DEBT SETTLEMENT
Are you unable to make your payments on your business loan, merchant cash advance? Lawscape might be able to help. Our team helps business owners that took high interest merchant cash advance/business loans. Regardless of whether you defaulted, or if you’re about to default, we can help. If you’re facing financial hardships, we understand your pain as fellow business owners. Lawscape helps by working with you and your creditors in order to negotiate a business debt reduction, and to make it so the debt repayment schedule is better for you.
Recently, many business owners are looking for ways to escape these high interest rate loans. Merchant cash advance companies are doubling down, by funding businesses who have no way of repaying the loans back. Our team works with you to defend you, and negotiate better outcomes for the high interest business loans you’ve taken. If you are in danger of defaulting, you should contact Lawscape immediately.
What not to do
- Don’t ignore your debt and default
- Don’t ignore the problem
- Don’t end up getting sued
What you can do
- Contact Lawscape and have us work for you
- Discuss your financial hardships with Lawscape, so we can speak to the lender
- Let us negotiate on your behalf for a better outcome
Business Cash Advance / Merchant Cash Advance Debt Settlement
Merchant cash advances give you a sum of money in exchange for a % of your future revenue. When you take this loan, the cash advance company is taking a % of your revenue in the future. To pay it back, the company will take a % of each credit card transaction, or ACH an amount of money daily until the debt + interest is repaid.
If you are struggling to keep your business afloat because the daily payment for the cash advance, a business debt settlement company like Lawscape might be able to help. The issue with merchant cash advances is that most of them ACH a flat daily payment. If the business goes down, the payment remains the same.
When you work with Lawscape, we work with you to demonstrate the financial hardship of the loan you took, and it’s impact on your business. Moreover, we use a financial evaluation of your business to demonstrate this empirically to the lender. By working with a company like Lawscape, you might be able to negotiate the repayment amount, and schedule, of your loan. The goal is to reduce the amount of interest you owe, and reduce the frequency of the payments being made to the lender. With more money at your disposal, hopefully you’ll be able to rebuild your business.
Is it better to speak to a lender directly, or work with Lawscape?
This is a question we often hear. In an ideal world, lenders would play fair, and not take advantage of their clients. In some cases, the very reason you have this high interest loan is because a lender took advantage of you and gave you it without properly explaining the terms, the interest rate, and other factors — such as FEES they were deducting. When you consider the fact it’s the lender who took advantage of you – it might be better to have a representative – like Lawscape, work with you. Because we are interested in saving you as much money as possible, we can maneuver around whatever the lender is doing/saying, and work on a positive outcome without any potential deception from the lender.
There’s a plethora of debt settlement companies, why should you work with Lawscape?
If you do a simple Google search, you’ll find LOADS of debt settlement companies. So a smart person would assume that virtually anyone can help. This is technically true, but it’s also not true. 99% of the debt relief industry focuses on consumer debt. That means debt, that is personally guaranteed, but you – to a lender, like a credit card bill. These debt settlement companies are focused exclusively on helping consumers, and specialize in just that. If you approach them with a business debt settlement issue, they won’t even know the first thing about it. While they may be able to “fake it,” they’ll certainly fumble and create issues. We recommend you speak to a business debt settlement company LIKE LAWSCAPE, who specifically focuses on the debt needs of business owners, and knows how to manage and negotiate successful outcomes.
We’ve helped businesses and consumers alike, regardless of the size of your business or what business challenges you’re facing.
Business Debt Relief and Business Debt Settlement
Despite a person’s dedicated efforts to handle their finances responsibly and reduce all debt, they may find themselves needing to get financial assistance to achieve debt relief. This is when the search for a reliable debt settlement attorney begins. With debt being such a serious issue that can have long-term detrimental consequences, it is important to know the reason you need a debt settlement attorney. Finding the right attorney is just as important, because experience allows them to make good decisions.
Why You Need a Debt Settlement Attorney
It is common to find yourself with debts that you cannot possibly pay off such as student loans, credit card debts, car loans, personal loans and other such debts. This is the time to start searching for a debt settlement attorney. If you feel you are being treated poorly by your lenders, you need to be represented and protected by someone who is knowledgeable on this subject. A debt settlement attorney works with these people to get you a debt relief plan that works in your favor. This can reduce your debt and give you a workable plan that sets you on your way to debt relief.
Credit Card Debt
With credit cards being so common, more people are finding themselves in debt at a young age. It is very easy to get in this situation, since most people start receiving credit card solicitations as soon as they are of age. The temptation is hard to resist for most so they sign up. The intentions are usually good; to build up credit! It comes as a disappointment when life gets hard and they find themselves deep in credit card debt. Interest rates get higher and higher each month, so it does not take much time to go from having no credit to having bad credit.
Dealing with Creditor Mistreatment
Although it is not very common, some borrowers have had the unfortunate experience of having lenders harass them. This is unacceptable and needs to be dealt with seriously. An attorney who is experienced in dealing with harassment can bring much needed relief to the person who is suffering. This is because they are knowledgeable on the rights afforded to a borrower by the law. Unfortunately, some lenders may choose to hold back this important information. As a borrower you should never have to deal with creditor harassment. It is completely in your power to stop them with the help of an attorney.
What Constitutes Harassment
As a borrower in debt, you may not know all your rights. You may be under the impression that the lender has the right to do certain things. These are things an attorney would immediately recognize as illegal. If you are receiving excessive phone calls and countless emails, you are being harassed. Other forms of harassment used include rude phone calls and voice-mails. Threats of any kind, received over any form of communication are considered harassment and should be recorded if possible. Do not be discouraged if for any reason you are unable to capture a threat on recording, your attorney can still effectively deal with the problem.
Patience is Key
When looking for a debt solution that is quick and effective, it is important to have realistic expectations. As your attorney works hard to get you in the best situation, having clear, realistic goals sets you up for success. Realizing that it did not take a day to get into credit card debt will help you build patience and self-control as you work to get out of debt. Another benefit to hiring an attorney is that they can get you into an agreement where you pay less than the amount you originally owed. For example, if you owe $1,000 you may end up paying $700.
Any savings achieved can make a big difference in your debt relief plan. Making payments faithfully is very important and ensures your interest rates stay constant as opposed to rising when you miss your payment. You may get frustrated and discouraged at times, but staying focused will help you achieve your goals. Your attorney will help you make a plan that you can stick to, but it is ultimately up to you to stay faithful and follow through.
Do Not Wait
Getting help right away is important to having relief in your debt situation. This is because as time goes on debt only gets worse, not better. Interest rates and other fees increase, which increases the overall debt. Contacting a debt settlement attorney as soon as possible gets you on the path towards financial freedom sooner. Taking action right away will save you money in the long run because the proactive steps make a big difference.
Debt can be a source of a lot of stress and worry. Dealing with constant phone calls at home or in the workplace can make it hard to get through the day. As you work hard to get your debt reduced, it is advisable to seek the help of a knowledgeable person. A debt settlement attorney is informed on many issues that you may find yourself struggling with. Harassing phone calls and threats from the creditor are problems that need to be dealt with immediately. An attorney helps you solve issues you may not be able to address alone. With a debt relief attorney, financial freedom is right around the corner, so get in touch now!