IF YOU’RE LOOKING FOR A BUSINESS DEBT SETTLEMENT COMPANY, VISIT DELANCEY STREET. CLICK HERE NOW.
-Massachusetts Merchant Cash Advance Lawyers Can Provide Debt Relief
Running a small business is tough. You have to worry about paying employees, keeping customers happy, managing inventory, and a million other things. With all those plates spinning, it can be tempting to take out a merchant cash advance loan to keep things going when money gets tight. But those loans come with sky high interest rates and aggressive collection tactics if you fall behind. That’s where an experienced Massachusetts merchant cash advance lawyer can help.
How Merchant Cash Advances Work
Merchant cash advance loans seem easy at first. A company gives you an upfront lump sum of cash in exchange for a percentage of your future credit card and debit card sales. There’s no credit check, so pretty much any business can qualify if you have sales volume on your credit card processing statements.The catch is that you have to pay back far more than you borrowed. The payback amount is often 1.5 to 2.5 times the cash advance. And the payments are taken automatically from your credit card sales every day, which can cripple cash flow.It gets worse if you can’t pay. The merchant cash advance company can freeze your bank accounts, slap liens on your assets, and harass you with non-stop phone calls. Some even try illegal tactics like impersonating the sheriff’s department to scare business owners into paying.
How a Merchant Cash Advance Lawyer Can Help
If you find yourself falling behind on a merchant cash advance loan, don’t panic. Get in touch with an experienced Massachusetts small business debt relief attorney right away. An attorney can help in a few key ways:
- Negotiate Settlements – An attorney can often negotiate much lower payoff amounts with the cash advance company. Settlements of 40 to 60 cents on the dollar are common. This can eliminate tens or hundreds of thousands in debt.
- Fight Harassment – Once you have an attorney, the threatening calls and letters should stop. Any further contact will be through your lawyer. This takes away a lot of the stress.
- Protect Assets – An attorney sends legal notices to the merchant cash advance company, banks, credit card processors and others to prevent illegal asset seizures. This keeps your business operating.
- Defend Lawsuits – If the cash advance company does file suit, your lawyer handles defending the case. Many lawsuits can be dismissed on technicalities or settled favorably.
Reputable Massachusetts business debt relief lawyers like Smith & Jones provide free case reviews to assess your options. For many small business owners, hiring an attorney leads to dramatically reduced payoffs and far less stress than trying to deal with intimidating cash advance companies on your own.
-Common Defenses Against Merchant Cash Advance Lawsuits
Merchant cash advance loans may seem ironclad, but they often have flaws that an experienced lawyer can exploit to completely eliminate or reduce debts. Here are some of the most effective defenses:
Unconscionability
If the fees, rates and payback terms are excessively one-sided in favor of the lender, courts can rule the agreement “unconscionable.” This results in the contract being cancelled or modified to reduce paybacks. Cash advance agreements often fit the definition of an unconscionable contract.
Usury Violations
Most states have usury laws that cap maximum interest rates lenders can charge. When all fees are accounted for, merchant cash advance rates often exceed legal usury limits. This can lead to lawsuits being dismissed. The business only has to repay the principal amount advanced, not the full inflated payback amount.
Deceptive Practices
Shady merchant cash advance brokers often misrepresent terms to get business owners to sign. And the contracts themselves are filled with complex legalese that hides the true costs. This type of fraud and deception can invalidate the agreements.
Breach of Contract
If the merchant cash advance company violates terms of the agreement – like accessing bank accounts without authorization – they breach the contract. This releases the business owner from repayment obligations. The cash advance company would then owe damages to the business owner instead.
-What a Massachusetts Merchant Cash Advance Lawyer Costs
The last thing a struggling small business owner needs is a big legal bill. But there are several smart ways to get effective legal help defending a merchant cash advance lawsuit without breaking the bank:
- Contingency Fees – Better business debt relief law firms work on contingency, meaning they only get paid if they win your case and get debts waived or reduced. If they can’t settle favorably, there are no attorney fees.
- Adding Legal Fees to Settlements – When settling cases, lawyers often negotiate for the cash advance company to pay all legal costs on top of waiving much of the debt. This results in zero out of pocket legal bills.
- Financing Legal Fees – Some law firms offer payment plans or lines of credit to finance attorney fees over time. Only a small retainer payment is required upfront.
With options like these, the potential savings from settling debts make hiring a lawyer an easy decision for most small business owners. Don’t let fears about legal fees stop you from getting the help you need.
Finding the Best Merchant Cash Advance Lawyer
Choosing the right attorney is crucial when defending against merchant cash advance debts. Look for a lawyer with extensive experience fighting these predatory lenders and a proven record of favorable settlements.
-- Specialization – Search for a law firm focusing specifically on defending small businesses against merchant cash advance and business debt collection harassment. General practice lawyers often lack the expertise to win these cases.
- Track Record – Look up attorneys’ past cash advance cases and client reviews to verify their ability to deliver results. Settlement amounts and dismissed lawsuits speak louder than claims on the law firm’s website.
- Cost – Find a lawyer offering flexible payment options so you can afford top notch legal help. Contingency fee representation or financing plans allow you to pay over time without any upfront outlay.
- Responsiveness – You need an attorney who returns calls and emails promptly and keeps you updated on your case, not someone who ignores you for weeks. This reduces stress during an already anxious time.
- Reputation – An experienced, respected business debt relief attorney has more leverage to negotiate better settlements with merchant cash advance lenders. High profile lawyers get predatory lenders to back down faster.
Finding the best lawyer takes some research but is worth the effort. The right attorney has the skills and experience needed to make your merchant cash advance debts disappear or settle for pennies on the dollar. That frees up cash flow for rebuilding your business.
Ready to Fight Back Against Predatory Lender Harassment?
Unscrupulous merchant cash advance companies prey on vulnerable small business owners trapped in the never ending cycle of paying off insanely high interest loans. But experienced attorneys levels the playing field. Laws exist allowing lawyers to wipe these debts out entirely or settle them for a tiny fraction of what you owe.Don’t keep struggling under the weight of crushing cash advance debts. The financial freedom and peace of mind you’ve been dreaming of is closer than you think. Get a free case review from a top rated Massachusetts merchant cash advance attorney today. You have rights. Now is the time to exercise them.
IF YOU’RE LOOKING FOR A BUSINESS DEBT SETTLEMENT COMPANY, VISIT DELANCEY STREET. CLICK HERE NOW.