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Faced 5+ Years in Prison

People Vs Joseph Amico

Covered by NYDaily News. Las Vegas man accused of threatening a prominent attorney and making vile remarks.

Faced 10+ Years in Prison

People Vs. Anna Sorokin

Covered by New York Times, and other outlets. Fake heiress accused of conning the city’s wealthy, and has an HBO special being made about her.

Faced 3+ Years in Prison

People Vs. Genevieve Sabourin

Accused of stalking Alec Baldwin. The case garnered nationwide attention, with USAToday, NYPost, and other media outlets following it closely.

Faced Potential Charges

Ghislaine Maxwell Juror

Juror who prompted calls for new Ghislaine Maxwell trial turns to lawyer who defended Anna Sorokin.

Why Choose Us

Clients can use our portal to track the status of their case, stay in touch with us, upload documents, and more.

Regardless of the type of situation you're facing, our attorneys are here to help you get quality representation.

We can setup consultations in person, over Zoom, or over the phone to help you. Bottom line, we're here to help you win your case.

Spodek
Law in the Media

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Meet Todd Spodek

WE PROVIDE WHITE GLOVE SERVICE TO CLIENTS
WHO WANT MORE FROM THEIR ATTORNEY

The Spodek Law Group understands how delicate high-profile cases can be, and has a strong track record of getting positive outcomes. Our lawyers service a clientele that is nationwide. With offices in both LA and NYC, and cases all across the country - Spodek Law Group is a top tier law firm.

Todd Spodek is a second generation attorney with immense experience. He has many years of experience handling 100’s of tough and hard to win trials. He’s been featured on major news outlets, such as New York Post, Newsweek, Fox 5 New York, South China Morning Post, Insider.com, and many others.

In 2022, Netflix released a series about one of Todd’s clients: Anna Delvey/Anna Sorokin.

Why Clients Choose Spodek Law Group

The reason is simple: clients want white glove service, and lawyers who can win. Every single client who works with the Spodek Law Group is aware that the attorney they hire could drastically change the outcome of their case. Hiring the Spodek Law Group means you’re taking your future seriously. Our lawyers handle cases nationwide, ranging from NYC to LA. Our philosophy is fair and simple: our nyc criminal lawyers only take on clients who we know will benefit from our services.

We’re selective about the clients we work with, and only take on cases we know align with our experience – and where we can make a difference. This is different from other law firms who are not invested in your success nor care about your outcome.

If you have a legal issue, call us for a consultation.
We are available 24/7, to help you with any – and all, challenges you face.

Business Debt Settlement Lawyers

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.

Citations:
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.

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Testimonials

I was searching for a law firm with some power to help me deal with a warrant in New York . After 6 days I decided to go with Spodek Law Group. It helped that This law firm is well respected by not only the top law firms in New York , but the DA , Judge as well. I...

~Fonder Brandon

5 Stars
It was my good fortune to retain Spodek Law Group for representation for my legal needs. From the beginning, communication was prompt and thorough. Todd, Kenneth and Alex were the first people I worked with and they all made me feel comfortable and confident that the team was going to work hard for me. Everything was explained and any concerns...

~A G

5 Stars
After meeting with several law firms, I chose the Spodek Law Group not only for their professionalism and experience, but for the personal attention given to me right from the initial consultation. It is important to recognize how crucial having the right legal team is when faced with potentially life altering events that impact families and the lives of loved...

~George Cherubini

Spodek Law Group

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We Provide Superior Service, Excellent Results, At A Level Superior To Other Criminal Defense Law Firms. Regardless Of Where Your Case Is, Nationwide, We Can Help You.
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