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Idaho Merchant Cash Advance Lawyers Can Provide Business 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. On top of all that, many business owners struggle with overwhelming business debt.If you’re an Idaho small business owner facing high-interest loans or merchant cash advances you can’t repay, don‘t panic. There are Idaho lawyers who specialize in helping business owners get debt relief so they can get back on stable financial ground.This article will cover everything you need to know about Idaho business debt relief lawyers and how they can help you negotiate settlements or restructures of loans and merchant cash advances.

How Merchant Cash Advances Work

Before we dive into how lawyers can help with merchant cash advance (MCA) debt, let’s quickly cover what MCAs are and how they work.Merchant cash advances are a form of business financing where a company called an MCA provider gives you an upfront lump sum of cash in exchange for a percentage of your future credit card and debit card sales.So for example, an MCA provider may give you $100,000 upfront if you agree to pay back $130,000 or more over the next couple of years. They collect repayment by taking a fixed percentage of your daily credit/debit card sales – usually between 5-20%.This can be an easy way for business owners to get quick financing without providing a ton of paperwork or submitting to credit checks. But the downside is the repayment rates and terms are often predatory.It’s not uncommon for small businesses to end up paying back 2-3X the amount they originally borrowed over 2-3 years. And sometimes businesses struggle to make the daily payments due to seasonal sales cycles or other issues.

How Lawyers Can Negotiate Merchant Cash Advance Relief

If you’ve found yourself struggling to make merchant cash advance payments in Idaho, don’t panic. There are lawyers with experience negotiating debt relief for situations just like this.Debt relief lawyers will first review your merchant cash advance agreement to check for prohibited terms or clauses under Idaho law. If violations are found, that can sometimes be leverage to force a settlement.Next, an attorney will open up negotiations with your MCA provider. The goal is to reach a settlement or restructured agreement with more affordable repayment terms.For example, your lawyer may be able to negotiate:

  • Lower interest rates
  • Longer repayment term
  • Lump-sum settlement for a portion of the outstanding balance
  • Adjustments to the daily repayment percentage

Attorneys have a lot more legal clout and experience with financial negotiations than individual small business owners. So they are often able to get MCA providers to the table to work out a reasonable debt relief solution.Results can vary case-by-case, but many small businesses are able to get interest rates reduced by 50% or more and repayment terms extended by a year or longer. This makes payments more affordable so you can get back on the path to profitability.

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Finding the Right Idaho Merchant Cash Advance Lawyer

If you decide to pursue legal help for MCA debt relief, it’s important to find an attorney with specific experience dealing with business financing agreements.Here are a few tips for finding the best lawyer for your situation:

Look for Experience with Business Financing Disputes

You want someone who is familiar with the language and typical terms in merchant cash advance agreements. They should also have a history of successfully negotiating debt relief for other Idaho small business owners.Ask any lawyer you consider about their track record settling or restructuring MCA agreements.

Understand Fee Structures

Most attorneys will work on a contingency fee basis for MCA debt relief cases, meaning you pay nothing upfront. The lawyer only collects if a settlement is successfully reached, taking a percentage of the debt relief amount as their fee.However, some lawyers may charge you small upfront retainer fees or monthly fees during the negotiation process. Make sure you understand the full fee structure in writing before signing any agreements.

Research Reviews Online

Check online reviews to see what other Idaho small business owners have said about working with different merchant cash advance lawyers. This can give you a good idea of their responsiveness, negotiation skills, and professionalism.Look for attorneys with multiple recent 5-star Google, Facebook, Avvo or Yelp reviews talking specifically about MCA debt relief cases.

Schedule Initial Consultations

Once you’ve identified a few potential lawyers, set up initial phone or video consultations. This gives you a chance to explain your situation and ask any questions before deciding who to hire.Pay attention to how well the attorney listens and answers your questions. Do they seem truly interested in helping you specifically? Go with the lawyer you feel most comfortable with.

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Other Business Debt Relief Options

If you don’t have merchant cash advances but you’re struggling with high-interest loans or credit cards, debt relief lawyers may also be able to advise on the best path forward.Here are a few other common debt relief solutions they may recommend:

Debt Consolidation

This involves rolling multiple debts into a single new loan with lower monthly payments. This can make managing payments easier each month. But beware of debt consolidation loans loaded with hidden fees and perpetually extending repayment terms. Ask an attorney to review any proposed consolidation offers to spot potential predatory terms.

Debt Settlement

Debt settlement is when your attorney negotiates directly with creditors or debt collectors to settle outstanding balances for less than you owe. Often settlements may be reached for 50, 60 or 70% less than the full amount, forgiving the rest of the balances. This can free up cash flow quickly, but at the cost of taking a credit hit and tax liability on the forgiven debt.

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Chapter 7 or Chapter 11 Bankruptcy

For some small businesses facing truly insurmountable debt, bankruptcy may be the most viable path forward. Chapter 7 bankruptcy liquidates assets to pay creditors, while Chapter 11 attempts to restructure debts under court supervision. An experienced business bankruptcy lawyer can advise if either of these options make sense for your situation. The earlier advice is sought, the more assets typically can be protected in bankruptcy.

Changing State of Incorporation

For those facing potential bankruptcy, incorporating or reincorporating your small business in certain states can help protect personal assets from creditors. States like Texas, Nevada and Wyoming provide more protections for business owners than Idaho in many situations. A lawyer can guide you through the process of changing states and advise which state laws would be most advantageous to incorporate under.As you can see, an experienced debt relief attorney has many options in their toolbox to help struggling Idaho small business owners get back on stable ground, regardless of the type of debt you’re facing. The key is seeking help sooner rather than later.

Ready to Seek Legal Guidance?

If you are an Idaho small business owner losing sleep over high merchant cash advance payments or other debts your company can’t handle, take a deep breath. You have options.Now is the time to seek guidance from a lawyer experienced at negotiating debt relief for business owners facing financial hardship. They can review your situation, clearly explain all options, and then fight to get your debt reduced or restructured on your behalf.Every case is different, but with an attorney on your side you stand the best possible chance of emerging with greater financial stability and your business intact. Don’t wait to get the process started – most lawyers offer free initial consultations.






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