Here's Who We Are

We're Fund Virtually Everything

We fund business owners nationwide, regardless of industry, credit, or time in business. We fund it all.

Apply Now

We Provide Multiple Options

We have a lot of different financing options available to our clients. Regardless of your situation, we’ll have a solution for you.

Fast Approval

Our application process is completely online. You can get funds in your bank account in literally 24 hours.

The Working Capital You Need In 24 Hours.

We get you funding. It's that simple. Regardless of credit, income, or time in business - we'll fund you.


Use our online form or call toll-free anytime to get started. There's no cost, and the application takes only three minutes.


Receive application approval in as little as 24 hours. There is no credit check required.

Receive Funds

Review and return your signed agreement and get your money in as little as 24 hours.

Recent Business Loans Funded

100K Term Loan

Ambulance Service

Our client bought a new ambulance.
2019 - June
55K Advance

Truck Funded

Our client used the funds to hire new team members.
2019 - February
85K Term Loan

Restaurant Funded

Our client used the funds for restaurant equipment.
2019 - May

Get a Decision in as Little As 30 Seconds

We’re Fast. We Help Regardless of Credit. WE HAVE A SOLUTION FOR YOU.

Apply Online

We have a completely online application process, which is simple and easy.

Get Offers

We'll match you with the best loan offers we have that are financially responsible.

Get Funded Quickly

We'll fund you the same day you accept our offer.

How Delancey Street Works

Fill Out Our Application

Answer basic questions about yourself and fill out our entirely online application. Each loan has its own online process.

Meet Your Concierge

We'll pair you with an experienced Delancey Street specialist who will reach out to you, and understand your needs. We'll try to determine which financial product is right for you.

Compare Our Loan Offers

We give you a few different loan offers based on your scenario and what options you qualify for.

Choose Your Loan

Once you've chosen a loan that works for you, we finalize it and start getting the documents needed.

Get Funded

Once we get all of the documents back, we'll get you funded ASAP.

We Help You Grow

After you get funded, your Delancey Street concierge specialist will keep in touch to make sure you're happy and doing well.

Business Loans

Get business loans ranging from 3 months to 18 months
No credit score requirement, we have a program for everyone
We can fund up to $5 million in virtually 24 hours

Detroit Business Debt Relief and Debt Settlement Lawyers


Detroit Business Debt Relief and Debt Settlement Lawyers

Running a business can be extremely rewarding, but it also comes with financial risks and responsibilities. Many business owners in Detroit and throughout Michigan have found themselves struggling with overwhelming business debt. Whether due to cash flow problems, an unexpected crisis, or changes in the economy, dealing with substantial business debt can feel like an impossible burden.The good news is that there are options for finding relief from business debt in Detroit. Business debt relief law firms and bankruptcy attorneys in Detroit have extensive experience helping entrepreneurs restructure, reduce, and in some cases even eliminate business debt through strategies like debt negotiation, debt settlement, Chapter 11 reorganization, and Chapter 7 liquidation. With the right legal guidance, many businesses can regain their financial footing.This article provides an overview of business debt relief options in Detroit, key laws and legal considerations, and how to find the right attorney to assist your business.

Common Causes of Business Debt

Before exploring debt relief strategies, it helps to understand some of the common reasons businesses accumulate substantial debt in the first place. Some of the most frequent causes include:

  • Cash flow problems – Having more expenses than revenues on a consistent basis can quickly lead to piling up debt just to cover basic operating costs. Things like seasonal revenue cycles, losing a major client, unforeseen costs, and poor budgeting can all contribute to cash flow gaps.
  • Expansion costs – Funding business growth through loans and other debt financing can be risky if the expansion doesn’t go as planned. The debt obligations remain regardless of whether the investment pays off.
  • Industry changes – Evolving markets, new competitors entering the space, disruptive technologies – businesses in many industries face external forces that can threaten their viability. Adapting to survive often requires taking on additional debt.
  • Emergencies and unplanned costs – No business is immune to the unexpected. Loss of a key employee, natural disasters, supply chain disruptions, lawsuits, equipment breakdowns – these crises can damage the financial health of any business. Debt is often used to bridge the gap.
  • Personal guarantees – Many small business loans require owners to personally guarantee repayment with their own assets. Business struggles can quickly become personal financial problems.
  • Poor financial management – Lack of adequate cash flow planning, improper use of financing, overspending and poor accounting can all weaken a business’s financial situation over time.

While the specific situations vary, the end result is a business buckling under the weight of debts that are becoming unmanageable. But again – there are solutions available with the help of an experienced business debt relief attorney.

Overview of Business Debt Relief Options

The debt relief strategy that makes the most sense depends on the specific circumstances the business is facing. Below is an overview of some of the most common business debt relief methods used by attorneys in Detroit:

Debt Negotiation and Settlement

Also known as debt reduction or debt arbitration, debt negotiation involves working directly with creditors to agree on reduced repayment terms. Often this involves lump-sum settlements for a fraction of the total amount owed. Benefits include avoiding bankruptcy and immediately lowering debt. Drawbacks include potential for lawsuits and tax implications on forgiven debt.

Chapter 11 Bankruptcy Reorganization

Chapter 11 allows a business to restructure debts under court supervision while continuing operations. Existing debts can be reduced, terms modified, interest rates lowered, and repayment timeline extended. Owners often retain equity in the company. Enables business to emerge healthier. Complex process with court oversight.

Chapter 7 Bankruptcy Liquidation

Chapter 7 bankruptcy allows business assets to be sold to pay creditors, with remaining debts discharged. Allows business to make a clean break and move on. Company must cease operations and close. Owners’ personal assets may still be at risk depending on business structure.


A court can appoint a receiver to take control of the business and manage financial affairs. This independent oversight can help resolve debts over time while keeping business operating. Owners lose significant control during the process.

Assignment for the Benefit of Creditors

Outside of bankruptcy court, a business voluntarily assigns assets to a third party to liquidate and pay creditors. Expedited and lower cost compared to court-supervised bankruptcy. Less protection from lawsuits during the process.

Debt Consolidation

Consolidating multiple business debts into a single new loan can simplify payments and sometimes lower interest rates. This refinancing shifts debt burden to future years rather than reducing overall obligations.As you can see, each approach has its own pros, cons, and unique legal and financial implications. There is no one-size-fits-all solution. An experienced attorney will evaluate your business’s situation and advise you on the optimal path forward.

Key Laws and Legal Considerations

Navigating business debt relief relies on a thorough understanding of relevant laws and legal precedents. Here are some of the most important legal considerations:

  • Bankruptcy Code – All bankruptcy filings rely on the federal laws outlined in the U.S. Bankruptcy Code, primarily Chapters 7 and 11. Attorneys must follow all procedures and requirements.
  • State laws – In addition to federal bankruptcy laws, the specific state laws of Michigan also impact options and processes for business debt relief. Local courts and laws will shape proceedings.
  • Fair Debt Collection Practices Act (FDCPA) – This federal law prohibits abusive practices by third-party debt collectors, such as harassment. Violations may void a debt. Relevant for debt settlement.
  • Tax implications – Most cancelled and forgiven debt through settlements or bankruptcy is treated as taxable income. Certain exceptions apply in some cases. Must be addressed.
  • Personal guarantees – When a business owner guarantees a loan with personal assets, creditors may still try to collect from them after a business bankruptcy. More complex legal situation.
  • Employment laws – Federal and state laws related to notice periods, severance pay, pensions, and more must be followed if business bankruptcy results in job losses.
  • Industry regulations – Heavily regulated industries like banking, insurance, transportation, etc. face additional legal considerations and restrictions around debt relief options.

Having a full grasp of how these laws intersect with your business’s unique situation is critical for navigating the complex legal terrain successfully. An attorney experienced in Detroit business debt relief cases will ensure you stay in compliance every step of the way.

Finding the Right Attorney for Your Business

If your Detroit business is struggling with unmanageable debt, the time to take action is now. But not all business debt attorneys are equal – it’s important to do your research to find the best legal partner. Here are a few tips:

  • Search for “business debt relief” or “business bankruptcy” lawyers specifically – Avoid attorneys who focus solely on personal debt and bankruptcy. You want someone with business expertise.
  • Look for many years of experience – This is not the time to go with an unproven lawyer. Look for a decade or more specifically handling Detroit business debt cases.
  • Read reviews and talk to past clients – The best indicator of expertise and trustworthiness is a strong reputation with happy clients. Ask for references.
  • Meet for a free consultation – Any lawyer you’re considering should offer a free in-person meeting to evaluate your situation at no cost.
  • Look for empathy along with competence – This is an emotional and stressful time. Find an advisor who shows compassion along with legal skill.
  • Compare fee structures – Bankruptcy attorney fees vary widely. Understand all options and costs before retaining counsel.
  • Align on strategy – Make sure the attorney’s recommended path forward makes sense for your goals and circumstances.
  • Check credentials – It’s advisable to work with an attorney with additional certification in business bankruptcy law.
  • Move quickly – The longer you wait to address business debt issues, the worse the problems tend to become. So act fast.

Detroit has no shortage of law firms and bankruptcy attorneys advertising their services – but there is a big difference between dabblers and specialists. Do your homework to entrust your business to true experts.

Detroit Business Debt Relief Lawyers Can Guide You to Financial Stability

If debt has become an obstacle preventing your Detroit business from reaching its potential, it may be time to seek legal help – but don’t go it alone. Connect with trusted debt relief experts who will protect your interests and invest in your success. With the right guidance, your business can overcome its setbacks and look to a brighter future. Don’t wait to take the first step and request a free consultation with an attorney. There are solutions within reach, and experienced legal counsel can help you seize them to resolve your debt, regain stability, and get back to growth. With determination and support, your business can thrive again.

Delancey Street is here for you

Our team is available always to help you. Regardless of whether you need advice, or just want to run a scenario by us. We take pride in the fact our team loves working with our clients - and truly cares about their financial and mental wellbeing.

"Super fast, and super courteous, Delancey Street is amazing"
$125,000 Small Business Loan
"Thanks for funding me in literally 24 hours"
$35,000 Lawsuit Advance
"Great choice for first time fix and flippers"
$250,000 Hard money Loan

In The Media

Delancey Street CEO discusses ways to reward employees
Delancey Street CEO discusses the benefits of franchising on Forbes.
Delancey Street CEO discusses management on AMEX.
Get Out of Debt
Credit Card Debt Relief
Marital Debt Relief

Managing Marital Debt: Strategies for Financial Freedom Marriage can be…

Private Student Loan Debt Relief

Managing Private Student Loan Debt: Options for Relief Private student…

Veteran Debt Relief

Helping Veterans Find Financial Freedom Being a veteran comes with…

Delancey Street understands funding like no one else!
Steven Norris
Get Funding Today

Ready To Get Started?

If you have questions, feel free to shoot us an email, or fill out our live chat.

Apply Now