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Delaware Merchant Cash Advance Lawyers Can Provide Debt Relief

Running a small business is tough. You have to worry about paying employees, keeping customers happy, managing inventory, and a million other things. With all those plates spinning, it can be tempting to take out a merchant cash advance loan to keep things running. But those loans come with sky high interest rates and aggressive collection tactics. If you find yourself falling behind, don’t panic. Delaware merchant cash advance lawyers can help you get the debt relief you need.

How Merchant Cash Advances Work

A merchant cash advance (MCA) works differently than a traditional small business loan. With an MCA, you get an upfront lump sum payment in exchange for a percentage of your future credit card and debit card sales. There’s no set repayment schedule. Instead, the MCA company takes a fixed amount from your daily credit card receipts.That flexibility makes MCAs appealing. You get quick cash without having to prove creditworthiness. But there’s a dark side. MCA companies can claim back 2-3 times what they advanced you. And if your sales dip, they just take more each day to recoup their investment. It’s not unusual for the effective APR on an MCA to top 300%.

Falling Behind on Merchant Cash Advance Payments

When you fall behind on merchant cash advance payments, things get ugly fast. The MCA company can freeze your bank accounts, slap liens on your assets, and garnish wages. And here’s a scary part – they can go after your personal assets even if the MCA was taken out in the company name.The MCA agreement you signed almost certainly contains something called a “confession of judgement.” That allows them to get a judgement against you without even notifying you. One day, you could just find your bank accounts emptied and wages garnished with no warning.

How Delaware Merchant Cash Advance Lawyers Can Help

This is where a good Delaware merchant cash advance lawyer can make all the difference. An experienced attorney can review your MCA agreement and look for violations of Delaware law. For instance, does the contract violate state limits on interest rates and fees? If so, that could invalidate the entire agreement.A merchant cash advance attorney can also negotiate with the MCA company on your behalf. Often, these companies will agree to settle for less than the full amount owed if they can get quick payment. That settlement agreement will protect you from future collections activity.And if legal or negotiated solutions don’t work, a Delaware business debt relief lawyer can walk you through your bankruptcy options. Filing Chapter 7 or Chapter 11 bankruptcy stops collections activity in its tracks and discharges qualifying business debts.

Protect Your Business and Assets with Legal Help

Dealing with an aggressive merchant cash advance company can be intimidating. Don’t let fear force you into agreeing to unreasonable repayment terms. Get advice from a legal professional who knows Delaware merchant cash advance laws. They can find ways to reduce or eliminate what you owe and stop abusive collection practices.With an experienced Delaware business debt relief attorney on your side, you can focus on keeping your business afloat instead of constantly looking over your shoulder for the next collections threat. Reach out for legal help today and take control of your financial future.I hope this overview gives you a better understanding of how merchant cash advance lawyers can provide debt relief to struggling business owners. Let me know if you have any other questions!





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