Frequently Asked Questions

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Frequently Asked Questions

Here we answer our most frequently asked questions regarding business debt, merchant cash advances and our debt settlement services. If you have additional questions, please do not hesitate to reach out to our friendly and knowledgeable staff for a no obligation, free consultation. Contact Us Today.

What is business debt settlement, and how does it work?

Business debt settlement is a process where we negotiate with creditors on behalf of your business to reduce the amount of debt owed. We aim to reach a mutually agreeable settlement, often for a fraction of the original debt amount, helping your business become debt-free.

Is my business eligible for debt settlement?

Eligibility depends on various factors such as the type and amount of debt, current financial situation, and business viability. We assess each case individually to determine eligibility.

How long does the debt settlement process take?

The timeline varies depending on the complexity of your debts and negotiations with creditors. Generally, it can take anywhere from 12 to 24 months to settle debts successfully.

What types of debts can be settled through your services?

We can assist with settling various business debts including business credit cards, loans, lines of credit, supplier balances, and merchant cash advances (MCAs). Read more on our Types of Debt Page.

What happens if creditors continue to harass my business during the settlement process?

We handle all communication with creditors on your behalf, and if necessary, we can involve attorneys to respond to legal filings or harassment by creditors.

Can I negotiate with creditors on my own instead of using your services?

While it's possible to negotiate with creditors independently, our experience and expertise can often lead to more favorable settlements and protect your interests throughout the process.

What happens if my business is sued by a creditor during debt settlement?

If your business is sued by a creditor, we can engage our network of attorneys to respond to legal filings and work towards a resolution. Our goal is to minimize the impact on your business and reach a favorable outcome.

Will debt settlement affect my business's credit score?

Debt settlement may have a temporary negative impact on your business credit score, but avoiding default and bankruptcy can have longer-term benefits for your creditworthiness.

How much can I expect to save through debt settlement?

The amount you can save varies depending on your specific debts and negotiations.

Can I continue to use credit or borrow money during the debt settlement process?

It's advisable to avoid taking on additional debt while going through the settlement process to prevent complicating negotiations. We can provide guidance on managing finances during this time.

What happens if a creditor refuses to negotiate or settle?

While rare, if a creditor refuses to negotiate or settle, we explore alternative options and strategies to reach a resolution, including legal actions if necessary.

Will I still owe taxes on the forgiven debt?

In some cases, forgiven debt may be considered taxable income. We recommend consulting with a tax professional to understand the potential tax implications of debt settlement for your business.

How will debt settlement affect my ability to obtain financing in the future?

Debt settlement may impact your ability to obtain financing in the short term, but avoiding default and bankruptcy can improve your long-term financial prospects. We provide guidance on rebuilding credit and regaining financial stability.

How do I know if debt settlement is the right option for my business?

Debt settlement may be a suitable option if your business is facing financial hardship and struggling to meet its debt obligations. We offer a free consultation to assess your situation and provide personalized recommendations.

Will debt settlement affect my personal credit or assets?

Business debt settlement typically does not directly impact personal credit or assets, but it's essential to separate personal and business finances to mitigate any potential risks.

Can I continue to operate my business normally during the debt settlement process?

Yes, you can continue to operate your business while we handle negotiations with creditors. Our goal is to minimize disruptions to your business operations and provide support throughout the process.

What happens if my business's financial situation worsens during debt settlement?

If your business's financial situation changes during debt settlement, we adapt our strategies accordingly and explore alternative solutions to help you navigate challenges and reach a resolution.

How do I get started with your debt settlement services?

Getting started is easy. Simply contact us to schedule a free consultation, during which we'll assess your situation, explain our services, and develop a personalized debt settlement plan for your business.

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