Texas Merchant Cash Advance Attorneys
Debt Restructuring | Lender Litigation | Business Bankruptcy
Has a Merchant Cash Advance (MCA) destroyed your cash flow?
Is your business being harassed by annoying collection calls?
Have your bank or merchant processing accounts been frozen?
Did you sign a Confession of Judgment or Personal Guarantee?
Do you need help reducing or eliminating your MCA payments?
If you answered "YES" to any of these questions then you need help from our Merchant Cash Advance Attorneys!
At The Lane Law Firm, our experienced business debt resolution team will explore every option available to resolve your business liabilities while protecting your interests. Whether it’s a traditional business loan, supplier lawsuit, ACH loan, cash flow loan, or Merchant Cash Advance, our team will help you create a strategy that works best for your specific financial situation so you can focus on growing your business instead of worrying about your debts.
Confidential consultations are FREE, so schedule yours today.
We'll examine your unique situation and tailor a plan to help:
Don’t let business debt cost you your business – get help today from The Lane Law Firm!
As a small businesses owner, you know managing cash flow is tough. So unless you're following Dave Ramsey's plan on how to run a debt-free business, you probably rely on debt as a necessary part of running your company. An injection of capital can help you expand your business by hiring additional employees, acquiring new equipment, and purchasing inventory. It can also help you smooth out the slow months and make sure employees (and you) get paid. But too much debt - especially the wrong kind of debt - can put your business at risk.
In the aftermath of the financial crises, traditional bank loans weren't as readily available for smaller, less established small businesses like yours. Even SBA loans are out of reach or too cumbersome for many, leaving owners no alternative but to rely on more expensive and riskier alternative financing options such as credit cards, invoice factoring, and Merchant Cash Advances (MCA). It is estimated that over $15 billion worth of alternative loans were funded in 2017 and those figures are expected to continue to grow.
These often unsolicited loans are aggressively peddled by non-traditional lenders who prey on desperate business owners like you who are so intent on keeping their businesses afloat they fail to see the hidden risks they are taking. Unfortunately, once sucked in by the first loan, it can be nearly impossible to get out due to high fees and even higher interest rates. Even business owners who make their payments on time can fall victim to the these unscrupulous lender's practices. And if you find yourself taking out a second loan to help pay the first - a practice known as loan stacking - your livelihood is now in a death spiral!
If you are already caught in the trap of one or more MCAs, and your business is in Texas, we can help! We'll examine your situation at no cost and advise you on the best possible debt structure to help save your business from collapsing under the weight of the debt and related collection actions.
In addition, we'll:
If you have problems with your Merchant Cash Advance(s), contact our team at 866-292-7107. We'll help you take back control of your cash flow and your business!
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 before you accept the "one-size-fits-all" approach most bankruptcy firms employ, consider all alternatives and then pursue bankruptcy as a last resort only if it's the best option for your unique situation.
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
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. For a free consultation to see if bankruptcy is the best solution for your situation, call 866-292-7107 or schedule here.
A Chapter 11 bankruptcy is a reorganization that allows a company to remain in business and work out arrangements with its debtors. Similar to a Chapter 13 bankruptcy for individuals, 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 on how you do 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.
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
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, leaving nothing for the owners upon liquidation.
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 are discharged.
In the event a client should choose bankruptcy and seek our help to file under the United States Bankruptcy Code, The Lane Law Firm would be considered a debt relief firm. We are not licensed by the Texas Board of Legal Specialization. Use of this website does not constitute legal advice and does not establish an attorney-client relationship. None of this content may be used without express written consent. Images are not intended to portray actual clients; they are for navigational purposes only. Principal Office Houston, Texas