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Looking for business debt relief services? Visit Delancey Street.

 

The Ultimate Guide to Business Debt Relief Lawyers

Is your business drowning in debt? Are creditors hounding you day and night? Well, you’re not alone – and there’s hope. Hiring a business debt relief lawyer could be the lifeline you need.

What Exactly Do Business Debt Relief Lawyers Do?

Basically, these legal eagles specialize in negotiating with creditors to reduce or restructure your business debts. They’ll fight tooth and nail to:
Lower your interest rates and monthly payments
Eliminate late fees and penalties
Settle debts for a lump sum that’s way less than you owe
Prevent lawsuits, judgments, and asset seizures

Why You Need a Debt Relief Lawyer (Not a Debt Settlement Company)

You might be tempted to use one of those sketchy debt settlement firms. But here’s the deal – they’re often shady AF. Many charge outrageous fees, damage your credit even more, and lack the legal muscle to truly protect you.
A legit debt relief attorney, on the other hand, has:
In-depth knowledge of debt laws and regulations – they know all the loopholes
Serious negotiating power – creditors take them way more seriously
The ability to defend you in court if creditors sue (which they frequently do)

How to Find the Right Debt Relief Lawyer for Your Biz

Not all debt relief attorneys are created equal. You’ll want one who specializes in business debt – not just personal/consumer stuff.
Here are some tips for finding a rockstar:

1. Get Referrals from Your Network

Ask other business owners, your accountant, or local entrepreneurs’ groups for recommendations. Word-of-mouth is golden.

See also  North Dakota Merchant Cash Advance Debt Relief Lawyers

2. Check Their Credentials and Experience

Make sure they’re licensed to practice in your state and have specific experience with:
Your type of business (e.g. corporation, LLC, etc.)
The kinds of debts you’re dealing with (e.g. business loans, merchant cash advances, tax debt, etc.)

3. Read Reviews and Testimonials

Sites like Avvo, LawInfo, and FindLaw let you see what past clients have to say. But take the raves and rants with a grain of salt.

4. Have an Initial Consultation

Most debt relief lawyers offer free initial consults. Use this to get a feel for:
Their communication style (do they speak plain English or legalese?)
Their strategy for your situation
Whether you simply “click” with them

What to Expect When Hiring a Debt Relief Attorney

Once you’ve found your knight in shining armor, here’s typically how the process will go:

1. Free Consultation

We will conduct an in-depth review of your business finances to gain clarity on the full scope of debts owed. This allows us to provide specific advice tailored to your unique situation.

2. Signing a Retainer Agreement

If we’re a good fit, you’ll sign an agreement outlining our fees, services, etc. Don’t worry – we offer flexible payment plans to make it affordable.

3. Information Gathering

We’ll ask you for docs like financial statements, loan agreements, collection notices, and more. The more info, the better we can build your case.

4. Creditor Negotiations

Now it’s time for us to work our magic. We’ll reach out to each creditor, present your hardship situation, and negotiate aggressively for debt relief on your behalf.

See also  Kansas Business Debt Settlement Lawyers

5. Settlements or Litigation

If we can reach reasonable settlements, great! If not, we’re fully prepared to take creditors to court to fight for your rights.

The Benefits of Hiring a Debt Relief Lawyer

Still on the fence? Here are just some of the major benefits:

Immediate Creditor Relief

As soon as you hire us, creditors have to deal with us – not you. No more harassing calls or letters!

Way Lower Debt Burden

We’ve helped clients reduce their total debt load by 50-70% on average. That’s major savings!

Expert Guidance

We’ll advise you on all options – from debt settlement to bankruptcy to creditor lawsuits. You’ll know exactly what path to take.

Peace of Mind

No more sleepless nights stressing about debt. We’ll handle everything so you can focus on your business again.

Common Questions About Business Debt Relief

How much do debt relief lawyers charge?

It varies, but many charge a percentage of the debt they’re able to settle – usually 20-25%. However, this is still way less than the full debt amount you’d otherwise owe.

Will it hurt my business credit?

Yes, debt settlement will likely cause a temporary dip in your credit scores. But it’s better than letting debts go into default or bankruptcy.

What kinds of debt can be settled?

Most types of unsecured business debt, like:
Credit cards and lines of credit
Business loans
Merchant cash advances
Unpaid rent or supplier invoices
Tax debt

How long does the process take?

It depends on factors like how much you owe, how many creditors are involved, and whether litigation is needed. But most cases can be resolved within 6-12 months.

See also  The Business Debt Settlement Process Step-By-Step

Take Control of Your Business Debt Today

Look, we get it – dealing with insurmountable debt is one of the most stressful situations a business owner can face. The weight of it all can feel crushing.
But you don’t have to go through this alone. Hiring an experienced business debt relief lawyer could be the fresh start you need to turn things around.
At Delancey Street, we’ve helped countless businesses just like yours escape the quicksand of debt. We’ll bring our A-game to negotiate aggressively on your behalf while providing top-notch legal protection.

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.

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$350,000 MCA Restructured Over 2 Years

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