Do You Need Help Getting Creditors to Stop Harassing You?

Having trouble paying your bills? Getting dunning notices from creditors? Are your accounts being turned over to debt collectors? Were you duped into taking multiple Merchant Cash Advance loans? Are collectors coming after you personally for bad receivables loans or bad factoring arrangements?

If you are worried about losing your home, car, or business, you’re not alone!

At The Lane Law Firm, we help people and businesses in Texas by getting your creditors to stop their harassing collection techniques. Depending on the amount and type of debt, and your ability to repay the debt, we will recommend a debt relief strategy that matches your unique circumstances.

If you are the victim of a predatory or otherwise illegal loan or collection practices, we will pursue the lender(s) to ensure your fair and equal treatment under the law.

  

Personal Debt Relief

Most people face a financial crisis at some point in their lives. A divorce, accident, illness, job layoff, or other life challenge can make it impossible to pay all your bills. Whether the crisis is caused by personal or family illness, the loss of a job, or overspending, it can quickly become overwhelming.

Debt collectors are professionals at separating you from your money. Their "squeaky wheel" tactics are relentless, but often they go too far, harassing borrowers and extracting money needed for necessities or survival.

When you are drowning in debt or become overwhelmed, it's important to act quickly before a lawsuit is filed and bank accounts or wages are garnished.

If the majority of your personal debt is related to your mortgage, you should check out our Foreclosure Relief Services.

If you are drowning in debt from a car loans and other unsecured debt, you might be a candidate for bankruptcy, but all options should be considered before taking such a drastic measure as bankruptcy.

To find out how to best handle your situation, contact our team at 877-408-3328.

 

Corporate Debt Relief

For companies small or large that find themselves temporarily cash-flow challenged or completely overwhelmed with debt from traditional bank loans or merchant cash advances, we can help!

At The Lane Law Firm our experienced business debt relief team will explore every option to resolve your business loan debt while protecting your interests. Whether it’s a traditional business loan, supplier lawsuit, or Merchant Cash Advance, our team will help you create a strategy that works best for your specific financial situation.

 
Merchant Cash Advances

A Merchant Cash Advance (MCA) is an unconventional finance product (i.e. loan) whereby a business is given a cash advance (typically on credit and debit card sales, but not necessarily) in exchange for repayment from future sales. In layman's terms, Merchant Cash Advances are payday loans for businesses.

MCAs can quickly inject capital into a business with cash-flow challenges, but these non-regulated cash advances are plagued by aggressive repayment schedules and outrageous fees, making it difficult for small business to break the borrowing cycle and dig out of the deep financial hole an MCA creates - especially when a business takes on more than one merchant cash advance loan.

Repayment is typically on a daily or weekly basis. Most advances - plus significant fees and overwhelming interest - are repaid within six months. These "business payday loans" have exorbitant interest rates so the lenders are incentivized to keep rolling the old loans into new loans as long as you can keep paying or they break the back of the business, whichever comes first.

MCA debt payments can quickly become overwhelming, so if your business is struggling to pay your MCA it's important you act fast before your bank account and other receivables are frozen or seized by the MCA provider. Yes, they will do that!

If your company is being hounded by an unscrupulous Merchant Cash Advance lender, we can help! We'll examine your situation and advise your business on the best possible debt structuring or exit strategy. The primary goal is to save your business from collapsing under the weight of the debt and related collection actions.

In addition, we'll:

  • Enforce Texas and Federal laws regarding debt collection
  • Stop creditors from harassing you, your business, employees and clients
  • Negotiate settlement or payment arrangements
  • Examine Chapter 11 or 7 business bankruptcy options

If you have problems with your Merchant Cash Advance(s), contact our team at 877-408-3328.

 

Personal Bankruptcy

If you are overwhelmed with debt and can't keep up with your mortgage, car payments, and/or other payments, personal bankruptcy also may be an option. Its consequences are long-lasting and far-reaching, so all alternatives should first be considered before filing bankruptcy as a last resort.

People who follow the bankruptcy rules receive a discharge — a court order that says they don’t have to repay certain debts. However, bankruptcy information (both the date of the filing and the later date of discharge) stay on a credit report for 10 years and can make it difficult to get credit, buy a home, get life insurance, or sometimes get a job. Still, bankruptcy is a legal procedure that offers a fresh start for people who have gotten into financial difficulty and can't satisfy their debts.

There are two main types of personal bankruptcy: Chapter 13 and Chapter 7. Each must be filed in federal bankruptcy court. Which bankruptcy chapter is best depends on many factors. Income, expenses, types of debts, long term goals and limits in various chapters.

 

Chapter 13 Bankruptcy

A Chapter 13 bankruptcy offers the best way to restructure your debts. You can keep creditors from repossessing needed assets, and if you have a steady income you can keep property like a mortgaged house or a car that you might otherwise lose through the bankruptcy process.

In Chapter 13, the court approves a repayment plan that allows you to use your future income to pay off your debts during three to five years, rather than surrender any property. After you make all the payments under the plan, you receive a discharge of your debts.

Chapter 13 bankruptcy is a better option if you are behind on certain payments, like a mortgage, car, tax or child support. If you earn too much to be eligible for Chapter 7 bankruptcy, Chapter 13 bankruptcy may be the best option for you.

 

Chapter 7 Bankruptcy

A Chapter 7 is the type of bankruptcy that allows an individual to eliminate debts quickly. You can move forward with a fresh start in a period of months. Chapter 7 bankruptcy sells your non-exempt property (most people in Texas have very little, if any) to pay your creditors. It offers a “fresh start”. It provides the fastest elimination of debt, but is not as good for asset protection.

If you need quick debt relief, Chapter 7 may be for you.

Both types of bankruptcy may get rid of unsecured debts and stop foreclosures, repossessions, garnishments and utility shut-offs, as well as debt collection activities. Both also provide exemptions that let you keep certain assets, although exemption amounts vary by state. Personal bankruptcy usually does not erase child support, alimony, fines, taxes, and some student loan obligations. And, unless you have an acceptable plan to catch up on your debt under Chapter 13, bankruptcy usually does not allow you to keep property when your creditor has an unpaid mortgage or security lien on it.

If you want to keep a house, car or both, then a Chapter 7 will not help. If you have medical bills or other debt and are current on your house and car payments, then Chapter 7 may be the best solution.

Bankruptcy is conducted in the federal courts. Bankruptcy is a lawsuit that is filed against creditors. In order to file a bankruptcy, you must complete documents for filing with the court. You must also complete a credit counseling course. The court will ask you to provide your financial information. After a case is filed, you will be required to meet with a trustee. This meeting occurs about 30 days after your case is filed.

The process is different for Chapter 7 and 13 cases. The bankruptcy process should be completed for a Chapter 7 in approximately 4 to 6 months from the date of filing. A Chapter 13 case goes from 3 to 5 years. During each step, we provide ongoing support to our clients.

If you desire relief from creditors and to restructure your debt into a payment plan, Chapter 13 may be for you. Each situation is unique and deserves individualized attention. There is never any cost or obligation for you initial consultation, so schedule yours today.  

 

Corporate Bankruptcy

If your company is overwhelmed with debt and can't keep up with payments on obligations, bankruptcy may be an option. Its consequences are long-lasting and far-reaching, so all alternatives should first be considered before filing bankruptcy as a last resort.

Companies who follow the bankruptcy rules receive a discharge — a court order that says they don’t have to repay certain debts. However, bankruptcy will impact your ability to do business, borrow money, etc. Still, bankruptcy is a legal procedure that offers a fresh start for businesses who have gotten into financial difficulty and can't satisfy their debts.

There are two main types of business bankruptcy: Chapter 11 and Chapter 7. For most small business owners, Chapter 7 (liquidation) is a better option but in some situations, Chapter 11 (reorganization) is the way to go. Which bankruptcy chapter is best depends on many factors. Some of those factors are: income, expenses, types of debts, long term goals and previous experience.

When contemplating which bankruptcy option is best for your business, you need an experienced bankruptcy attorney to review all of your circumstances and options before making a recommendation.

Chapter 11 Bankruptcy

A Chapter 11 bankruptcy is a reorganization that allows a business to remain in business and work out arrangements with its debtors. Similar to a Chapter 13 bankruptcy, a Chapter 11 bankruptcy repays debts while keeping business assets and income untouched. There are no debt limits and a trustee is generally not appointed to run your business or handle your cash (although a trustee can be appointed if you are mismanaging your business or not complying with the bankruptcy law).

This type of bankruptcy provides flexibility in how do you it and what you can accomplish through it. While there are reporting requirements that go into effect as soon as you file, Chapter 11 provides your business with “breathing room” in that you generally have several months before you need to file a plan of reorganization and begin paying into the plan. During this time, you continue to operate the business while it takes steps to fix its business problems.

 

Chapter 7 Bankruptcy

Filing for business bankruptcy means someone else steps in to liquidate your business’s assets and settle its debts (in this case, the bankruptcy trustee).

A corporation or partnership files a Chapter 7 business bankruptcy, which is different than a Chapter 7 personal bankruptcy. Filing a business bankruptcy lets the owners turn their business over to the trustee for an orderly liquidation. The business stops operating, and the court liquidates its assets and pays what it can to business creditors. Exemptions don’t apply in a business bankruptcy, so the trustee can take anything the business owns: The entire company is liquidated.

When the liquidation is complete and the proceeds have been paid out to creditors, the business won’t owe any remaining debts. Lease obligations, contracts, utility bills, loans, overdue accounts, and all other business debts will have been paid to the extent possible by the bankruptcy trustee. If creditors aren’t fully paid, that’s their tough luck. The business owners are off the hook unless they are personally liable for the debts.

In theory, the business owners receive anything left over after the creditors are paid. Typically, however, a business that files for Chapter 7 business bankruptcy has liabilities that exceed its assets, and there is nothing left for the owners.

 

Business Bankruptcy Doesn't Erase Personal Liability

If you are personally liable for business debts, you’ll still be on the hook even after your business’s liability is discharged in business bankruptcy. You will need to discharge your personal liability for the debts by filing for Chapter 7 personal bankruptcy or by negotiating a settlement with the creditor(s). Otherwise, the creditor(s) can still come after you for full repayment of the debt, even after the business is closed and its liability for the debts is discharged in business bankruptcy.

If your household or business finds itself overwhelmed with debt, call us and find out if bankruptcy or some other solution is your best option.