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Business Debt Settlement Lawyers

By Spodek Law Group | January 22, 2023
Table of contents
(Last Updated On: March 19, 2023)

Last Updated on: 19th March 2023, 11:04 am

Small Businesses in the US: The Backbone of the National Economy

With over 25 million small businesses in the United States, it’s no surprise that they play a crucial role in sustaining our national economy. These enterprises employ more than half of all private sector workers and are responsible for an impressive 80% of the country’s job creation. However, building a successful business often comes with incurring debt.

The Challenge of Business Debt

Did you know that 75% of start-up capital comes from unsecured loans such as credit cards, bank loans, and lines of credit? Despite the effort put into starting a business, statistics show that only 70% of small businesses survive the first two years, and the odds only get worse from there. With only half making it past the five-year mark and a mere quarter lasting 15 years or more, it’s clear that external factors such as the economy, regulatory changes, and unexpected lawsuits can greatly impact a business’s success.

Overcoming Business Debt Challenges with SolveDebt

At SolveDebt, we understand the struggle of small business owners facing debt challenges. As business debt lawyers, we offer a personal touch, sitting down with you to understand your unique situation, goals, and challenges. Our ultimate goal is to take this burden off your shoulders and provide you with an all-inclusive plan, so you can focus on growing your business or moving on to the next stage of life.

What Happens When a Business Closes

When a business closes, it’s common for debts to accumulate with landlords, suppliers, utilities, service providers, and possibly a bank or private lender. However, by informing these creditors of your impending closure (which can limit your liability), you can start making plans to pay these debts in full, settle for less, or even consider filing for bankruptcy.

How to Negotiate a Business Debt Settlement

When paying debts in full is not an option, the question becomes, how much less will creditors settle for? The answer depends on several factors, including the type of creditor, the legal details of the debt, and the creditor’s attitude. For instance, if your business is an LLC or corporation without any personally guaranteed debts, the creditor may be more willing to accept a small portion of the owed amount. On the other hand, if you owe a debt personally or have a cosigner, the creditor has more leverage.

Regardless of the amount or type of debt, it’s a reality that must be addressed. You can either negotiate a debt settlement on your own or hire a business lawyer with experience in debt settlement or bankruptcy. If you choose to go it alone, follow these five steps for successful debt settlement negotiation:

Prioritize Your Debts for Maximum Benefit

When you’re facing financial struggles, it’s crucial to prioritize your debts. This will ensure that you’re able to manage your payments efficiently and keep the assets that you value the most. Here’s what you need to know about prioritizing your debts:

Secured Debts

When you have assets pledged as collateral, it’s essential to make paying off these debts a top priority. These assets are referred to as “secured” property and the creditors are considered secured creditors. For instance, if a business takes out a loan from a bank using its machinery as collateral, the bank becomes a secured creditor, and the loan is secured by the collateral.

As you have something to lose, you should always prioritize paying off secured debts first, especially if you want to keep the property. This will ensure that your creditors won’t take your assets, and you can keep them safe.

Unsecured Debts

After you’ve taken care of your secured debts, it’s time to focus on your unsecured debts. These include:

  • Wages and benefits owed to employees
  • Loans for which you’re personally liable, including court judgments

If you still have money left over, you can pay off your suppliers, credit card companies, lease deficiencies, and other miscellaneous business expenses such as advertising, travel, entertainment charges, and repairs and maintenance.

Settle Your Debts for a Better Outcome

No matter the legal status of your debts, it’s always worth trying to settle them if you can pay 30% to 70% of the total amount upfront. Creditors are often willing to negotiate and settle for less, especially if they realize that collecting the debt might be challenging once you’re out of business.

However, it’s important to keep in mind that settling only one or two small debts won’t help you much if you’re unable to settle the larger ones. To make the most of the settlement process, consider making your offers contingent on all your creditors agreeing to settle their debts.

Reach Out to Your Creditors

Don’t procrastinate this step. Reaching out to your creditors as soon as possible is crucial so that you don’t fall deeper into debt. Depending on the number and type of creditors you have, you can send them a letter or email, call them, or meet with them in person. If you have an attorney, they can contact your creditors on your behalf.

Start by reaching out to your equipment lessors. Since you’re required to make payments for the use of the equipment, time is of the essence. Next, contact your secured creditors. They have the right to take your collateral for nonpayment, so it’s essential to work out a deal with them first. Finally, contact your unsecured creditors. Debts to unsecured creditors can be partially or fully discharged in bankruptcy, so they’re often motivated to negotiate a settlement.

Business Debt Settlement – Nationwide Solutions

Are You Struggling with High-Interest Business Loans?

Do you feel overwhelmed by the exorbitant interest rates and payments on your business loans or merchant cash advances? You’re not alone. At Spodek Law, we empathize with the difficulties you face and offer a premier and top-rated business debt settlement service to clients nationwide.

The Challenges of Merchant Cash Advances

Merchant cash advances can be particularly challenging to repay due to their high-interest rates and daily payment structure. At Spodek Law, we recognize these difficulties and are here to help you achieve the settlement you deserve on your business debt.

What Business Debt Settlement Can Accomplish:

  • Reach settlements with creditors
  • Extend the repayment period of your merchant cash advance
  • Reduce the amount you owe
  • Spend less time dealing with creditors
  • Eliminate business debt completely

Why Choose Business Debt Settlement

When you work with a law firm like Spodek Law, they take the reins on your behalf. They communicate with your lenders to inform them of your debt settlement arrangement and handle all future communications. This frees up time and resources for you to focus on your business. Furthermore, Spodek Law offers custom-made programs designed to help you achieve a successful cash advance settlement. With experience negotiating with lenders nationwide, they can help you reduce your payments by up to 50% and extend your repayment terms for additional savings.

Who is a Great Candidate for Business Debt Settlement?

  • Multiple merchant cash advances
  • High daily payments from cash advance lenders
  • Negative balance or bounced checks
  • Drop in income since taking the cash advance
  • Multiple cash advances taken in one year
  • Late on payroll, rent, etc.
  • Maxed out personal credit cards to repay the cash advance
  • Needing to take an additional cash advance to repay the current one

Examples of Business Debt Settlement

Debt settlement companies offer a variety of solutions, including small business debt consolidation. Instead of managing multiple payments to multiple lenders, you make one recurring payment. Another solution is merchant cash advance settlement, which can significantly reduce the high-interest rates and fees associated with merchant cash advances. At Spodek Law, we can negotiate your balances and give you back control. We can help with both unsecured debt, such as merchant cash advances, and secured debt, putting an end to the burden of high-interest debt without collateral.

The information in this article is for informational purposes only and should not be taken as legal advice. Please consult a legal professional for specific advice regarding your individual situation.

Business Debt Settlement and Business Debt Negotiation: A Guide

What is Business Debt Settlement and Business Debt Negotiation?

Debt negotiation is a powerful tool for stopping the financial drain your business is facing. The experts at Spodek Law, PC, have the skills to negotiate down your debt and put an end to the cycle of debt once and for all. This process involves negotiating with creditors to reduce the amount owed and achieve a successful business debt settlement. However, it’s not as simple as just asking for a discount. It requires a deep understanding of the law, exceptional negotiation skills, and the ability to navigate the potential for lawsuits. That’s why it’s so important to work with an attorney who specializes in this field.

Can You Negotiate Your Own Business Debt Settlement?

While it is possible for some business owners to negotiate their own debt settlements, it’s not always the best idea. If you have only a small amount of debt and just one creditor, you might be able to handle it on your own. However, if you’re like many small business owners, who are facing substantial debt and numerous creditors, negotiating on your own can be incredibly overwhelming. In these cases, it’s much more effective to work with an attorney who has the experience and expertise to get you the best results. In most cases, an attorney can save you more money than you would be able to on your own.

Small Business Debt Consolidation Loans

For some small business owners, debt consolidation loans may be a viable option. However, these loans can take five years or more to pay off, and they’re only available to business owners who meet certain criteria. If you’re considering bankruptcy as a way out of debt, you’re not alone. Every year, thousands of small business owners declare bankruptcy, and the numbers are only growing. There are two common forms of bankruptcy: Chapter 11 and Chapter 13. These options allow business owners to negotiate the terms of their credit cards and unsecured loans, but they come with serious downsides as well.

The Downsides of Filing Bankruptcy

Filing for bankruptcy can have a profound impact on your financial future. The process is incredibly damaging to your credit score, and your business’ credit profile will be affected even if your personal credit score is protected. Once your business emerges from bankruptcy, you’ll find that the cost of obtaining additional funding is extremely high. Interest rates will be higher, borrowing restrictions will be stricter, and some loan applications might even be denied. Under these conditions, it’s incredibly difficult to expand or even maintain your business.

Alternatives for Small Business Owners

There are alternative options for small business owners who are struggling with debt. Unsecured small business debts can often be eligible for debt settlement, which involves negotiating with creditors to reduce the amount owed. A business debt settlement attorney who understands the process can help you reduce your unsecured debt by a significant amount, without the need for bankruptcy. This is a critical distinction between consumer debt and small business debt, and it’s important to understand the difference.

Ways to Save Your Business with Business Debt Settlement

Put Your Own Money into the Business

Taking money from your own pocket and investing it in your struggling business is a daring risk. You’re doubling down, betting that you have what it takes to turn things around and keep your business afloat in the long run. However, this strategy only works if you’re confident that your business will ultimately survive.

Cut Costs

If you’re unable to fund your business with your personal funds, you must look for areas where you can cut costs. You could sublease unused office space or sell any unneeded equipment. The bottom line is that there are many ways to preserve your business by reducing expenses that are not crucial. Although it may not be a desirable option, downsizing your workforce may be necessary to save your business. Sometimes consolidating responsibilities among fewer employees is one of the most effective cost-saving measures.

Contact Your Customers

If your customers take anywhere from 30 to 90 days to repay you, consider reaching out to them and asking for quicker payment. Maintaining a strong relationship with your customers and finding ways to get paid faster can improve your revenue, allowing you to cover your expenses and business debt obligations. The primary reason that many business owners turn to business debt settlement is because they need additional funds to cope with a shortage in daily cash flow. If you can get your customers to pay you back sooner, it can improve your cash flow and put you in a better financial position.

Contact Your Creditors

At Spodek Law, PC, we can assist you with your business debt settlement needs. We will reach out to all of your creditors and inform them of your situation. This means explaining to them that you are considering bankruptcy and that your business is in danger of collapsing due to overwhelming debt and the impact of macro economics. Ignoring your creditors will only make matters worse. Act early to tackle your debt problems while it’s still manageable. It’s in everyone’s best interest to find a solution, and speaking to your creditors can result in lower interest rates, a restructuring of your payment options, and even a reduction in your overall repayment amount. If you’re being hounded by multiple creditors or collection agencies, we recommend that you take advantage of our business debt settlement program. We will negotiate with your creditors on your behalf and may be able to help you settle your debts for less than what is owed.

Consolidate Your Existing Business Debt

Consolidating your business loans into one payment is another great option for resolving your business debt. This can help reduce your monthly costs without damaging your credit. A business debt consolidation loan can allow you to deal with one creditor instead of several, and may result in a lower interest rate. A business debt consolidation company can help you with this process, negotiating a new loan, collecting payments from your business, and paying off other creditors. If you secure this loan with business assets, it may have an even lower interest rate.

Understanding Business Debt: What It Is and Why It Matters

What is Business Debt?

Business debt, also known as commercial debt, refers to any obligation or liability incurred on behalf of the business. This could include expenses such as tools, supplies, or inventory needed to run the business effectively. It’s important to note that personal expenses, such as buying gifts for family members, don’t qualify as business debts. However, if you purchase gifts for suppliers or clients, they would fall under the category of business debts. Determining whether an expense qualifies as a business debt can sometimes be tricky. For example, auto expenses can overlap between personal and business expenses.

It’s also important to remember that if the debt is for business purposes, it’s a business debt, regardless of who is responsible for the payment. Personal guarantees don’t change the type of debt. To determine whether a debt is a business debt, consider what the money was used for, not who will be paying it.

Why is it Important to Determine Whether a Debt is Business or Personal?

Different laws apply to each type of debt. The laws that prohibit collection abuses only apply to consumer debts and not business debts. As a result, there are no limitations on when or how often a collector can contact a business with a debt. It’s crucial to determine whether a debt is business or personal to know which legal protections apply to you.

One of the first questions you need to ask yourself is: Who is responsible for the debt? If you obtained the credit as an individual or personally guaranteed the payment, you can be held liable for the debt, regardless of whether it was for business purposes or not. If your business is a sole proprietorship or a partnership, you can be held personally responsible for the creditor’s claims. However, if your business is a corporation or an LLC and there is no personal guarantee, you cannot be held personally responsible for the debt.

Determining whether a debt is a business or personal can be crucial for legal and financial reasons. By understanding the difference between the two, you can better protect yourself and your business.

Escape the Trap: How Business Debt Settlement Can Help You Stay Afloat

Starting and running a business can be an exhilarating experience, but it’s not without its challenges. Despite high hopes and ambitions, many businesses struggle to survive. According to the Small Business Administration, 50% of small businesses fail within the first five years. If you find yourself struggling to make ends meet, you may have turned to high-interest debt, such as merchant cash advances, credit cards, or unsecured loans to keep your business going.

But what happens when you borrow more than you can repay? Your creditors may start coming after you, and you may need to consider business debt settlement to avoid the worst consequences.

What is Business Debt Settlement?

Business debt settlement is a negotiation process where you work with a collection agency to pay less than what you owe. If successful, you’ll pay a fraction of the original debt balance, and the agency will forgive the rest. However, the process can be lengthy and often requires the help of a debt settlement company or business debt settlement lawyer.

Why Do You Need to Settle Your Business Debt?

If you’re behind on your payments, your creditor may sell your debt to a collection agency, and you may start receiving phone calls and letters in the mail. If it’s gone on long enough, the commercial debt collection agency may file a lawsuit against you. Settling a debt can have several benefits, especially if your business is at risk of going under. Settling for less than what you owe could make it easier to stay in business, and if you’re going out of business, it can be a good way to protect your personal assets.

How Does Debt Settlement Work?

If you’re considering business debt settlement, the first step is to notify the collection agency that you’d like to pursue a settlement. You can request that the agency no longer contacts you directly, and if you have money that you can use to negotiate, the attorney or company representing you can start the process immediately. If not, you’ll typically pay into an account with the firm each month until you have enough for them to negotiate on your behalf.

If the agency agrees to the settlement, it’ll provide a written statement that the debt has been satisfied, and the remaining balance will be forgiven. It’s important to note that if you personally guaranteed the debt, you can’t get out of owing it even if your business is a limited liability company (LLC) or corporation. This means that the collection account will likely be reported to both commercial and consumer credit bureaus.

Don’t Let Debt Overwhelm You

Business debt settlement can be a helpful option for those struggling with overwhelming debt. By understanding the process and working with a reputable debt settlement company or lawyer, you can negotiate with creditors and take control of your finances. Whether you’re trying to save your business or protect your personal assets, settling your business debt could be the key to achieving financial freedom.

Why Would a Debt Collector Agree to a Settlement?

Dealing with debt collectors can be an overwhelming and stressful experience. You may be wondering why a debt collector would even consider agreeing to a settlement. Well, the truth is, the debt collection process can be expensive, and these commercial debt collection companies pay very little for the debt. Therefore, if they can still make a profit and avoid unnecessary costs, they may be more willing to negotiate.

Of course, don’t expect them to roll over right away. In most cases, collection agencies will opt to file a lawsuit in hopes of collecting the entire amount. If the court rules in the agency’s favor, you could experience several negative ramifications, including wage garnishment, bank account freeze and garnishment, or even liens on your business or personal property.

However, if the debt collection agency believes they have a good case and can win the lawsuit, engaging in a debt settlement discussion can be challenging. But as legal expenses are added on top of collection expenses, they may be willing to listen. That’s why it’s crucial to understand the debt settlement process and how to pursue it for your business.

How to Pursue Debt Settlement for Your Business

The debt settlement process can be tricky, especially if you’ve never worked with collection agencies before. You may be considering negotiating on your own, but it’s important to note that hiring a business debt settlement lawyer can ultimately help you save more money in the long run. Debt attorneys are experienced in working in the industry and understand how collection agencies work and the tactics they use.

Not only can they inform you of your rights and ensure that you’re protected if the collection agency breaks the law, but they can also act as a middleman between you and the agency. This means that all communication goes through the law firm, so you don’t have to worry about collectors calling you constantly.

The first step in pursuing a debt settlement for your business is to get a consultation with an attorney. This meeting should be free, and it can help you determine your next steps. If you choose to hire the attorney, they’ll contact the agency and request that they go through the law firm with their communications. Then, you’ll discuss the best way to come up with the money to negotiate.

This can be a lump sum amount you already have or a series of recurring payments until you have enough. The attorney will then negotiate for you, and depending on how much you owe, they could help you save thousands of dollars.

What to Do if Settling Isn’t the Right Fit

If your financial situation is bad enough that putting money toward a settlement is out of the question, you may need to consider bankruptcy. Bankruptcy can help by either wiping the debt clean or getting you on a reorganized repayment plan. However, it’s important to consult with a debt attorney on this process, as they can help you determine the best path forward.

Keep in mind that bankruptcy can have a significant negative impact on your credit score, which can last for years. But if you’ve explored all other options and none work, it may be the best solution for your long-term financial well-being. Remember, there’s always a way out, and with the right guidance, you can find the best solution for your business.

If Your Small Business is Struggling Financially, You’re Not Alone: Debt Relief Advice

As a small business owner, the burden of financial obligations can be overwhelming. It’s challenging, and you might feel like you’re at the end of your rope. But hold on – you’re not alone! Thousands of American small business owners struggle with financial woes every year. And although many small businesses fall victim to these hardships, there is hope.

Surviving Hardships Through Frugality and Debt Relief

By slimming down and becoming more frugal, small business owners are often able to persevere. But that’s not all. They also utilize different types of small business debt relief to keep their heads above water. However, before you throw in the towel and declare Chapter 7 bankruptcy, take a moment to consider other options.

Small Business Debt Consolidation Loans: A Saving Grace

One option to consider is debt consolidation. A nonprofit lender may offer your small business a debt consolidation loan if it meets certain criteria. Compared to privately-issued loans, these types of loans usually come with lower interest rates. This can make your monthly payments more affordable.

If you can’t find a nonprofit lender or don’t qualify, a private market loan may be an option. By putting some of your business assets up as collateral for your loan, you might be able to secure a lower interest rate. But beware – this is a major risk. If you fall behind on your loan, you could lose those assets.

Benefits and Limitations of Debt Consolidation Loans

Debt consolidation loans pay off your original unsecured creditors and roll your obligations into a single monthly payment. This can be a game changer for a busy small business owner who doesn’t have the time or energy to manage multiple monthly debt payments.

However, it’s essential to consider the potential downside. It can take five or more years to pay down a debt consolidation loan in full. During that time, the credit facility will continue to accrue interest at above-prime rates. If you don’t have additional revenue, debt consolidation might not be enough. It’s crucial to consider more drastic debt relief options for your business.


In conclusion, finding the best debt relief solution for your small business can be daunting. But keep in mind that you’re not alone, and there are options available to you. Consider consulting a financial advisor or accountant to find a solution that works for you. Remember, with the right strategy, you can weather the storm and come out stronger on the other side.

Small Business Bankruptcy: A Way to Find Financial Relief

If you’re a small business owner and find yourself in dire financial straits, you’re not alone. Many entrepreneurs find themselves in a similar predicament and turn to bankruptcy as a way to get back on track. Although declaring bankruptcy can be a tough pill to swallow, it’s important to understand that it’s a viable solution. Here’s what you need to know about small business bankruptcy for debt relief.

Chapter 11 and Chapter 13: Two Types of Bankruptcy Reorganization

Small business owners have two options for bankruptcy reorganization: Chapter 11 and Chapter 13. These options allow small business owners to renegotiate the terms of some of their credit cards and unsecured loans.

Although both forms of bankruptcy can have serious credit-score effects, they’re designed to help business owners avoid the worst-case scenario of a Chapter 7 bankruptcy.

In most cases, small business owners will need to declare Chapter 11 bankruptcy. Chapter 13 declarations are generally reserved for individual debtors who carry large amounts of unsecured debt.

Restructuring: A New Plan for Debt Repayment

When you declare bankruptcy, the judge who presides over your case will work with you and your creditors to lay out a new plan for the repayment of your debts. You’ll be responsible for initially proposing this plan. Once it’s entered into the record, the negotiation process can begin.

If your business is relatively large, this plan may involve selling off some of its non-core assets to satisfy your secured debts. Your bankruptcy judge might also work out new repayment plans with your unsecured creditors. Under the judge’s order, some of your creditors may agree to reduce the balances on your outstanding credit facilities or lengthen your repayment term.

Pros and Cons of Bankruptcy for Small Business Debt Relief

Restructuring can help thousands of small businesses keep their doors open, but it’s important to understand the downsides.

Although bankruptcy can provide much-needed relief, the bankruptcy process is highly detrimental to its participants’ credit scores. Your business’s credit profile will be heavily damaged by your participation in a restructuring plan. Once your firm emerges from restructuring, you’ll find that the cost of taking on new loans has skyrocketed. You’ll have to pay higher rates of interest and adhere to strict borrowing limits. Worse, some of your loan applications might be denied outright.


In conclusion, small business bankruptcy for debt relief is a viable option. It’s important to weigh the pros and cons before making a decision. If you choose to move forward with bankruptcy, be prepared to face the challenges ahead. With the right mindset, however, you can emerge from restructuring with a leaner, more financially stable business.

Debt Settlement: A Viable Alternative for Small Business Owners

Small business owners facing financial hardship may feel overwhelmed and stressed. Fortunately, there are options to help alleviate the burden of debt. Debt settlement is one such option that may provide much-needed relief. Here’s what you need to know.

Eligible Debts for Debt Settlement

If you’re a small business owner with overwhelming debt, debt settlement may provide relief for certain types of debt. Eligible debts might include personal credit facilities that have been used as investment vehicles for your business as well as certain unsecured business loans or lines of credit. Virtually all unsecured debts are eligible for debt settlement.

Debt Settlement vs. Restructuring

Debt settlement is similar to restructuring, but it may have a gentler impact on your credit score. Like restructuring plans, debt settlement plans involve negotiating with unsecured creditors to reduce debt balances. While no case is typical, it may be possible to reduce your unsecured debts by a significant amount using this method. Most debt settlement programs take less time to work through than debt consolidation lending plans. In fact, some business owners have used this method to settle their debts in just 24 months.

Considering Your Debt Relief Options

As a small business owner, you have plenty of debt relief options at your disposal. Debt consolidation loans, debt restructuring, bankruptcy, and debt settlement are just a few of these. However, before taking any steps that might affect the long-term viability of your business or your own personal finances, be sure to consider all of the options available to you.


In conclusion, debt settlement is a viable alternative for small business owners looking to get debt relief. It’s important to weigh the pros and cons of each debt relief option and choose the best one for your situation. With the right mindset and support, you can overcome your debt and get back to running a thriving business.

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