Steven Raiser is Chief Legal Officer, and Legal-Counsel at Delancey Street. Steven is a native of Long Island and has also resided in Manhattan and the Bronx.
Since being admitted to the New York Bar, Steven has represented the city of New York, serving as a Special Assistant Corporation Counsel. He handled all aspects of litigation in child neglect cases there, representing the interests of the children and the city. He then served as an Assistant District Attorney, where he successfully prosecuted hundreds of criminal cases, from violations of the Vehicle and Traffic Law to homicides. During his time as a prosecutor, Steven was involved in high-profile cases such as those involving Rapper DMX and NY Rangers’ Defenseman Sandis Ozolinsh.
While serving as a prosecutor, he joined the U.S. Army. As a commissioned officer in the Army National Guard Judge Advocate General’s Corps, Steven volunteered for active duty in Iraq. There he served in the office of the Staff Judge Advocate, defending soldiers from actions instituted by the federal government, making probable cause determinations for the command, and assisting in the training of Iraqi soldiers in legal proceedings. In recognition of his service in Iraq, he earned the Global War on Terrorism Expeditionary Medal for meritorious service in support of Operation Iraqi Freedom and the Army Commendation Medal for exceptional meritorious service during combat operations. He, along with his unit, received the New York State Bar Association’s Award for Excellence in Public Service and was presented with our state flag by Senate Majority Leader Joseph Bruno.
-Steven M. Raiser is admitted to practice law in the state courts and federal court in the Eastern District. On November 14, 2010, he was sworn in to the United States Supreme Court by Chief Justice John Roberts in Washington, D.C. Steven has appeared as a legal analyst for FOX, CNN, and Court TV (TRU TV). His interviews on CNN and FOX have been posted to their websites and have been showcased under “must see videos.”
Getting Legal Help for New Jersey Merchant Cash Advance Issues
Merchant cash advances (MCAs) can provide quick access to working capital for small businesses in New Jersey. However, legal issues sometimes arise with these financing agreements that business owners don’t anticipate. If you’re facing legal problems related to a merchant cash advance in New Jersey, this guide can help you understand your options and find an attorney to assist you.
-Common Legal Issues with Merchant Cash Advances
Some of the most common legal problems businesses run into with MCAs include:
- Excessively high payments or rates: Some MCA companies charge very high factors rates (e.g. 1.5-2x the amount advanced) or set daily payment amounts that become unmanageable for the business. This can make it impossible to pay back the advance as agreed.
- Deceptive sales tactics: Occasionally MCA sales reps misrepresent terms or don’t fully disclose all fees. This can mean the business owner doesn’t realize what they’re getting into until payments become onerous.
- Violations of state laws: New Jersey has laws regulating lending and debt collection practices. Some MCA companies violate these laws through improper disclosures, excessive fees, aggressive collections tactics, etc.
- Breaches of contract: If an MCA provider doesn’t live up to promises made in the agreement (e.g. regarding rates, payments), they may be in breach of contract.
If you believe an MCA company has acted illegally or breached your agreement, speaking with a lawyer can help you understand your rights and options. An attorney may be able to negotiate a settlement, defend you in litigation, or file suit against the MCA provider.
Finding the Right New Jersey MCA Attorney
Choosing the right legal counsel is critical if you need to dispute issues with a merchant cash advance agreement. Look for a New Jersey lawyer with specific experience handling MCA cases and financial services litigation.Ask prospective attorneys about their track record dealing with MCA legal disputes. Have they handled similar cases successfully in the past? Do they have experience negotiating MCA settlements or taking these cases to court? Make sure to understand what strategies they would use in your situation before deciding who to hire.You can find qualified MCA lawyers through sites like Avvo, LawInfo, and FindLaw. Local bar associations may also be able to provide referrals to attorneys who specialize in this area.
Legal Defenses and Strategies in MCA Disputes
If you decide to dispute issues related to a merchant cash advance contract, an attorney can assess your case and identify potential defenses. Some legal arguments that may apply include:
Unconscionability – Argue the agreement is so unjust or one-sided that courts should not enforce it. This often relates to excessive fees or interest rates.
-Fraud and misrepresentation – The MCA company deceived you about key terms, rates, conditions, etc. when signing the contract.
Breach of contract – The MCA provider violated provisions in the agreement, so you should not be held liable.
Violations of state law – The company failed to follow requirements in New Jersey statutes related to disclosures, usury limits, collection practices, etc.In addition to defenses, your lawyer may recommend strategies like:
-- Negotiating a settlement for less than you owe
- Halting payments until issues are addressed
- Seeking contract changes or amendments
- Demanding arbitration or mediation
- Filing complaints with regulators
- Taking legal action in civil court
The right approach will depend on factors in your unique situation. An experienced New Jersey MCA attorney can advise you on the pros/cons of different options.
Costs of Pursuing Legal Action
Before deciding how to proceed legally, make sure you understand the potential costs involved. An initial consultation is often free, but if you retain an attorney their fees can add up quickly.Many lawyers charge hourly rates ranging $200-500+ per hour for financial services litigation. More complex cases involving extensive discovery, multiple motions, trial preparation, etc. can cost tens of thousands in legal fees over time.However, some attorneys are willing to work on contingency, taking a percentage (often 30-40%) of any settlement or judgment in your favor as payment. This shifts some financial risk to the lawyer but also reduces the upside of any potential recovery for you.During your attorney consultation, discuss whether contingency or hourly billing arrangements make more sense based on the specifics of your case. Also talk about strategies, timeframes, and the lawyer’s fee structure to make sure you know what to expect upfront. With the right legal help, you may be able to resolve New Jersey MCA problems without incurring excessive legal expenses.
Finding the Best Attorney for Your Situation
Dealing with legal issues related to a merchant cash advance can be stressful for business owners. But the financial liability at stake means it’s important to consult qualified legal counsel rather than trying to handle matters on your own.Take time to research lawyers, ask questions upfront, and make sure you understand the pros/cons of different legal strategies. Finding the right New Jersey MCA attorney can help you protect your business interests and resolve problems with financing agreements that have become problematic. With an experienced lawyer on your side, you can pursue the best possible outcome given the circumstances.