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When you hire our law firm, you work directly with a senior criminal defense attorney only. This ensures the best results possible.
We 100's of 5 star reviews, and have been featured in the media. We are a premier law firm who understands how to win cases.
The Spodek Law Group is one of the most successful law firms in the USA. Our success comes from the fact we are attentive to details, and take a very pragmatic approach to each and every single case. Our clients turn to us for realistic advice – so they can make the appropriate decisions they need to make personally. Our goal is to make sure your case ends in a positive outcome, not only personally – but for your family as well.
Did you take expensive, high interest, business loans / merchant cash advances in the past, and now you’re struggling to keep up with the expensive payment? We understand the difficult you face. Spodek Law is a premier and top rated business debt settlement law firm that helps clients nationwide.
If you’re facing challenges paying back your merchant cash advance, we can help. We understand the difficulties you face, and can help you get the settlement you need on the business debt you took. Often, merchant cash advances are VERY expensive, and super difficult to pay back due to the fact they are a daily payment. When you get a merchant cash advance, you’re agreeing to a daily, or weekly, payment, and it’s a high interest loan.
What business debt settlement can accomplish:
Why companies choose business debt settlement
When you work with a law firm like Spodek Law, they take over everything for you. They reach out to lenders on your behalf and notify them you’re working with a debt settlement/negotiation company. All future contact goes through the debt settlement company, which allows you to focus on your business. Companies like Spodek Law create custom made programs which help you get a successful cash advance settlement. They have experience working with lenders nationwide, and the strategies they preach can help you settle your debt. Another great benefit of business debt settlement is that it can help you reduce your payment by up to 50%, and can lengthen your payment terms which result in additional savings.
Whose a great candidate for business debt settlement?
What are examples of business debt settlement
There are a number of ways debt settlement can help. Debt settlement companies can offer small business debt consolidation. It means instead of making multiple payments to multiple lenders, you make just one recurring payment. Another way they can help you is by helping you get a merchant cash advance settlement – which is a great way to save your business. There are a lot of high interest rates and fees associated with merchant cash advances – especially if you take a second position cash advance. Spodek Law can negotiate your balances and put you in control. Companies like Spodek Law can help with unsecured debt and secured debt. For example, unsecured debt such as a merchant cash advance is burdensome due to the fact there’s no collateral.
Business debt settlement and negotiation is an effective way of stopping the financial drain you’re experiencing. The attorneys at Spodek Law, PC, can help you put a plan in place to negotiate down your debt, and resolve it for good. Debt negotiation is an effective method of debt settlement. It involves negotiating for a reduction of your debt. It usually results in your business debt being settled for less. The debtor pays the creditor less than what was owed/allegedly owed. Achieving successful business debt settlement through debt negotiation isn’t easy. It requires knowledge of the law and negotiation skills.
It may be possible in some cases. You might not get the best results. It might make sense to hire an expert attorney who truly understands how to do it. If you have little debt, and are only dealing with one debtor, then it might make sense to try negotiating on your own.
If your small business is struggling to meet its obligations, and needs debt relief assistance – you’re not alone. Thousands of small business owners are in desperate financial straights. Many survive by becoming leaner, and more frugal. In most cases, they utilize a combination of methods in order to relieve the financial burdens on their business. Before you give up and file bankruptcy, – and go out of business, you should consider other options. Many lenders offer debt consolidation loans to struggling small business clients.
Small business debt consolidation loans
If you meet certain criteria, your small business could qualify for a debt consolidation loan. Many debt consolidation loans can take 5 or more years to pay down your loan in full. If you’ve decided that bankruptcy is your only way out – then you’re not alone. Many small business owners declare bankruptcy every year. The numbers of business owners filing bankruptcy has only increased. There are many reasons to file bankruptcy – there’s no shame. There are two common forms of bankruptcy: Chapter 11 and 13. Known as restructuring, this enables small business owners to negotiate the terms of their credit cards and unsecured loans.
Downsides to filing bankruptcy
Many small business owners who emerge from bankruptcy find themselves in serious financial trouble. The bankruptcy process is very detrimental to your credit score. Your personal credit score might be shielded if you have a business corporation – but your business’ credit profile will be damaged if you engage in restructuring. Once your firm emerges, you’ll find that the cost of taking on additional funding is very high. You will have to pay higher interest rates, and have very strict borrowing restrictions. Some loan applications might be denied. It’s hard to expand, or maintain a business, under such circumstances.
Alternatives for small business owners
There are some important distinctions between consumer debt, and small business debt. Some of your unsecured small business debt obligations can qualify for relief through the debt settlement process. All unsecured debts are usually eligible for debt settlement. Debt settlement involves negotiating with creditors to reduce debt. It’s possible to reduce your unsecured debt by a significant amount using a business debt settlement attorney who understands how to restructure and settle your unsecured debts.
What is business debt settlement and business debt negotiation
Debt negotiation involves negotiating for a reduction of a specific debt. This results in the debtor paying the creditor less than the amount owed. Achieving successful debt negotiation, and settlement is not easy. It requires knowledge of federal and state law, in addition to having superb negotiation skills, and the ability to navigate potential lawsuits. You also must understand how to navigate VERY TIGHT agreements that protect debtors. It’s important to know how creditors work. Our attorneys focus on helping clients eliminate their business debt, by successfully negotiating a large reduction in debt without the need for bankruptcy.
Can you negotiate your own business debt?
It’s possible in certain cases, but you may not get the same results as working with an attorney. If you have little debt, and only debtor, then it might make sense to negotiate favorable terms on your own. If you’re like most business owners with substantial debt, and numerous creditors, then it’s likely you’ll find that negotiating on your own debt can be overwhelming. An attorney negotiating your business debt will save you more money than doing it on your own typically.
The first way of saving your business is taking money out of your own pocket, and putting it into the business. This is a risk, because you’re doubling-down and betting you can turn around your business. This will only work though, if you can guarantee the fact in the long term your business will survive.
If you can’t bail your business with private funds, you’ll need to find areas where you can reduce your costs. Perhaps you can sublease office space, or sell equipment. Bottom line, there are many ways of preserving your business by reducing expenses that aren’t needed. Shrinking your workforce isn’t an attractive option, but it can be necessary to keep the business alive. Sometimes consolidating responsibilities is one of the most effective forms of saving your business, by reducing employees.
Contact your Customers
If your customers take 30-90 days to get repaid, then it might be helpful to reach out to the various customers and ask to get paid quicker. If you stay connected with your customers, and find ways to get paid faster – it can help improve your revenue, and allow you to pay your expenses and business debt obligations. Often, the main reason business owners are considering business debt settlement is because they are looking for additional money due to a shortage in daily cash flow. If you contact customers to get paid back faster, if can help improve your cash flow which helps you.
Contact your creditors
When you engage with a law firm like Spodek Law, PC, we can help you with your business debt settlement needs. We can contact every one of your creditors, and advise them of your predicament. It means telling them that you are considering bankruptcy, and considering going out of business due to overwhelming debt and exposure to macro economics. Ignoring your lenders will only make your situation terrible. When you act early, it’s easier to tackle your debt problems. It’s in everyone’s interest to find a solution, and speaking to your lenders can result in lower interest rates, a restructure of your payment options, and even a reduction in your overall repayment amount. If you have multiple creditors, or collection agencies, haunting you – we recommend you engage in our business debt settlement program, so we can handle your debt problems. Our firm can negotiate with your creditors on your behalf and potentially help you settle your debts for less than what is owed.
Consolidate your existing business debt
This is another great option when considering how to fix your business debt. When you consolidate your business loans into one payment, this can help reduce your monthly cost without negatively impacting your credit. Business debt consolidation loans can allow you o deal with one creditor, rather than NUMEROUS creditors, and perhaps get a lower interest rate. This process can be facilitated through the help of a business debt consolidation company which will take responsibility for negotiating a new loan, collecting payments from your business, and paying off other creditors. If you secure this loan with business assets it can have a lower interest rate.
Bankruptcy is the last resort for business debt settlement
As a last resort, you can go through Chapter 11 bankruptcy. This is a way to salvage your business. If your business debt challenges are temporary, and the company is viable – but needs breathing room, then Chapter 11 is a viable route. This is a great way of reducing your business debt burden. Our firm can help you potentially. If your business has assets worth less than your debt, bankruptcy can allow you to pay only what the assets are worth – and not the entire balance of your business debt.
Let the business fail
If your business is almost done/dead, then it might make sense to simply let the business fail. If you lock the doors, and walk away, then you might be sued by creditors. If you truly shut down the business, and there’s no allegations of fraud, the creditors will not be able to come after you personally.
Sell the business
Your first option to business debt settlement might be to sell your business in order to pay off your lenders.
When a business closes, it has a lot of debt, to landlords, suppliers, banks, private lenders, etc. After you notify the creditors of your upcoming closure (which can potentially limit your liability), you’ll want to have a game plan on whether you’re going to pay these bills in full, settle them for less, or consider filing bankruptcy. It’s tempting to ignore your debts, and hope your creditors will forget about you. It will result in YEARS of being hounded by collection agencies, lawyers, and lawsuits.
Negotiate deals on your business debt
Assuming you can’t pay your creditors in full, the next question is: how little will they settle for. When you work with a business debt settlement law firm like Spodek Law, it can help. We can help you understand the type of creditor you’re working with, the attitude of the creditor, and what legal recourse they have. For example, if your business is an LLC or corporation without any personally guarantee debts, then the creditor will know it has no option of collecting the debt from you personally. It may be willing to accept a small portion of what your business owes as payment.
Spodek Law Group have offered me excellent support and advice thru a very difficult time. I feel I've dealt with someone who truly cares and wants the best outcome for you and yours. I'm extremely grateful for all the help Spodek Law Group has offered me. I can't recommend them enough.
Spodek Law Group was incredibly professional and has given me the best advice I could wish for. They had been helpful and empathetic to my stressful situation. Would highly recommend Spodek Law Group to anyone I meet.
Best service I ever had. Todd is absolutely class personified. You are in the safest hands with spodek. They have their clients interest in mind.
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.
"Spodek Law Group have offered me excellent support and advice thru a very difficult time. I feel I've dealt with someone who truly cares and wants the best outcome for you and yours. I'm extremely grateful for all the help Spodek Law Group has offered me. I can't recommend them..."David Bruce
"Spodek Law Group was incredibly professional and has given me the best advice I could wish for. They had been helpful and empathetic to my stressful situation. Would highly recommend Spodek Law Group to anyone I meet."Rowlin Garcia
"Best service I ever had. Todd is absolutely class personified. You are in the safest hands with spodek. They have their clients interest in mind."Francis Anim
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