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Kansas Merchant Cash Advance Lawyers and Business Debt Relief

Kansas business debt relief lawyersRunning a business is tough, especially when cash flow gets tight. If you’re a Kansas business owner struggling with debt, working with an experienced merchant cash advance lawyer can help you find relief. This article provides an overview of merchant cash advances (MCAs), Kansas regulations, and how lawyers can assist with debt settlement or consolidation.

What is a Merchant Cash Advance?

A merchant cash advance (MCA) provides businesses with quick access to capital in exchange for a percentage of future sales. It works similarly to a business loan but doesn’t require a personal guarantee or good credit.What is an MCA infographicWith an MCA, a lender provides a lump sum payment upfront. In exchange, the business agrees to pay back the advance through daily or weekly payments taken as a percentage of credit card and debit card sales. Payments typically range from 5-20% of daily receipts.MCAs appeal to businesses because:

  • Approval is faster than traditional loans
  • Payments adjust based on sales volume
  • Personal credit scores don’t matter
  • No collateral is required

However, the high repayment rates and various fees can make MCAs expensive. It’s easy to get trapped in a cycle of debt if sales decline.

Kansas MCA Laws and Regulations

Kansas doesn’t have laws specific to merchant cash advances. However, MCA agreements are treated similarly to loans. This means general lending laws restricting interest rates and fees apply.Additionally, the Kansas Uniform Consumer Credit Code requires lenders to provide certain disclosures about rates, fees, and terms before signing an agreement. Failing to follow these laws can provide grounds to invalidate the MCA contract.

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Working With a Kansas MCA Lawyer

If you signed an expensive MCA agreement and are falling behind on payments, a Kansas small business lawyer can help in several ways:

1. Review the MCA Contract

An attorney reviews the fine print to check for violations of Kansas lending laws or missing disclosures. If violations exist, the contract may be void or voidable. This gives leverage to negotiate a settlement.

2. Negotiate Debt Relief

Lawyers negotiate directly with MCA lenders, arguing to lower balances or interest rates. Their legal expertise and familiarity with these contracts helps secure favorable terms.

3. Explore Consolidation Options

For businesses juggling multiple debts, consolidation can lower monthly payments. A lawyer helps weigh the pros and cons of various consolidation products, including:

  • Debt consolidation loans – Combines debts into a single loan with lower interest
  • Balance transfer credit cards – Shifts balances to a 0% introductory APR card
  • Debt management plans – Credit counseling agency negotiates lower payments

4. Navigate Bankruptcy if Necessary

Filing business bankruptcy stops collections and wipes out eligible debts. Chapter 7 liquidation or Chapter 11 reorganization are options. A lawyer handles the complex process from start to finish.

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