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Alaska Merchant Cash Advance Lawyers Can Provide Debt Relief

Running a small business in Alaska can be tough, especially when cash flow gets tight. If you’ve turned to merchant cash advances to keep things afloat, you may now be facing burdensome repayment terms and fees. The good news is there are experienced Alaska lawyers who understand merchant cash advances and can help you get debt relief.

How Merchant Cash Advances Work

Let’s back up a minute and review how merchant cash advances work. Unlike a small business loan from a bank, a merchant cash advance provides an upfront lump sum of capital in exchange for a percentage of your future credit card and debit card sales.So for example, you might get an advance of $50,000 but have to pay back $75,000 over the next 18 months. The payback amount is taken automatically from your daily credit card receipts before you receive the remainder. This can equate to very high effective interest rates of 30-300% APR or more.

The Downsides of Merchant Cash Advances

While a merchant cash advance may have seemed like a quick fix for cash flow issues at the time, there can be major downsides:

  • Exorbitantly high interest rates that far exceed what a bank would charge
  • Very short repayment terms that suck up all your profits
  • Onerous daily or weekly debits that disrupt cash flow
  • Lack of flexibility if your business has a slow season
  • Expensive penalties for late or missing payments
  • Potential for funders to seize your bank accounts or assets without warning

As you can see, merchant cash advances can quickly spiral out of control. But the good news is that experienced Alaska small business lawyers may be able to help.

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Alaska Debt Relief Lawyers Can Renegotiate Terms

The first thing an Alaska merchant cash advance lawyer can do is try to renegotiate your agreement with the funder. Given how expensive and disruptive collection efforts would be, many funders are open to adjusting the terms.An attorney can make the case for reducing the payback amount, extending the term, lowering the payment frequency or percentage debited, waiving fees, allowing temporary payment plans, or other relief. While not guaranteed, renegotiation often works when pursued strategically with legal backing.

Other Debt Relief Options in Alaska

If the funder won’t budge, your Alaska lawyer can explore other debt relief solutions like:

  • Asking the court to void all or part of the agreement if it violates state laws on interest rates or lending practices
  • Filing for bankruptcy, which would eliminate or reduce the amount owed
  • Structuring a payment plan under bankruptcy law
  • Challenging inaccuracies in the agreement or account statements
  • Freezing collections if proper procedures weren’t followed
  • Suing for damages if the funder seized money illegally
  • Setting up accounts to prevent further seizures
  • Negotiating discounts on the amount owed
  • Prioritizing payments to vendors critical for staying open

The right business debt relief attorney in Alaska will know all the options and applicable laws. They can advise you on the pros and cons of each approach for your unique situation.

Choosing the Best Alaska Merchant Cash Advance Lawyer

So how do you find the right lawyer to fight your merchant cash advance issues? Here are some tips:

  • Ask around – Talk to other local business owners who’ve dealt with similar issues to see if they recommend someone. The Alaska Bar Association can also make referrals.
  • Check credentials – Make sure any lawyer you consider specializes in financial and debt relief cases, not just general law. Ask about their specific experience with merchant cash advances.
  • Meet for a consultation – Schedule initial consultations with a few top choices. This lets you explain your situation and assess their knowledge face-to-face. Make sure you feel comfortable and confident in their abilities.
  • Compare fees – Debt relief lawyers generally work on a contingency fee basis, taking a percentage of any savings achieved. Compare fee structures.
  • Check reviews – Look for client reviews and ratings on sites like AvvoLawInfo, and FindLaw to help choose the best fit.

The merchant cash advance lawyers at the Alaska Small Business Relief Center have helped dozens of local business owners get out from under crushing repayment terms. Click here to schedule a no-obligation consultation or call 1-800-RELIEF.

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Don’t Delay – Take Action Now

The further behind you fall with merchant cash advance payments, the harder it gets to negotiate relief or repay on better terms. Don’t let fear, shame or tight cash flow stop you from seeking help. The experienced Alaska lawyers at the Small Business Relief Center offer free initial consultations.They can quickly assess your situation, rights and options. They understand how vital small local businesses are to the state’s economy. Let them negotiate on your behalf and find the best possible solution. Don’t wait – pick up the phone or click here to talk to someone right away. Debt relief is possible with the right legal guidance.



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