Criminal Defense Lawyers

Is Your Maine Business Drowning in Debt? We Can Throw You a Lifeline

If you’re a Maine business owner struggling under the weight of commercial debt, you may feel like you‘re trapped in a sinking ship with no rescue in sight. Creditors are circling like sharks, threatening lawsuits and aggressive collection actions that could capsize your company for good. But here’s the thing – you don’t have to face these rough waters alone.At DelanceyStreet.com, we specialize in helping businesses navigate their way out of debt and chart a course to calmer seas. Our team of experienced Maine business debt relief lawyers knows the legal ropes and can negotiate with your creditors to stop the harassment, slash your debt, and keep your business afloat. We‘ve seen it all, from small mom-and-pop shops to major corporations, and we have the knowledge and skills to customize a solution that works for YOUR unique situation.

You’re Not the Only Business Owner in Deep Water

First of all, if you’re feeling overwhelmed by business debt, you’re definitely not alone. Did you know that over HALF of small businesses in the U.S. carry some form of debt? That‘s right – whether it’s loans, lines of credit, or maxed out company credit cards, the majority of entrepreneurs are in the same boat.The problem is, unforeseen circumstances like a tanking economy, frivolous lawsuits, or sudden changes in regulations can leave even the savviest business owners struggling to stay above water. And once you fall behind on payments, the late fees, interest, and penalties can create a vicious cycle that quickly spirals out of control. Before you know it, you‘re drowning in debt with no clue how to resurface.But here‘s the good news – you have options. With the help of a skilled business debt relief attorney, you can negotiate with creditors, explore debt consolidation or bankruptcy, and develop a plan to get your head back above water. At DelanceyStreet.com, we‘ve thrown a lifeline to countless businesses in Maine and beyond. We know the legal strategies that WORK and we’re not afraid to play hardball with aggressive debt collectors.

Understanding the Difference Between Personal and Commercial Debt

Now, before we dive into your debt relief options, it’s crucial to understand the difference between personal and business debt. This distinction can have a HUGE impact on your liability and the best course of action for your situation.In general, business debt refers to any obligations you take on to cover legitimate company expenses, such as:

• Purchasing inventory or supplies
• Leasing equipment or vehicles
• Renting office or retail space
• Making payroll
• Funding renovations or expansions

On the flip side, personal debt is anything you charge for non-business related expenses, even if you (accidentally or intentionally) use a company card or account. For example, if you treat your family to a lavish steak dinner and charge it to your business credit card, that‘s personal debt.Where things get tricky is if you operate as a sole proprietorship or partnership. In these cases, you can be held PERSONALLY liable for business debts, meaning creditors can come after your personal assets. In contrast, if you run a corporation or LLC, liability is typically limited to the company itself – UNLESS you personally guaranteed any debts or lines of credit.So why does this matter? Well, certain laws like the Fair Debt Collection Practices Act (FDCPA) ONLY apply to consumer debts. This means that collectors have a lot more leeway to aggressively pursue business borrowers who fall behind. They can call you day and night, show up at your office, even contact your customers or vendors in an attempt to embarrass you into paying.That’s why it’s absolutely CRITICAL to have an experienced business debt relief lawyer review your unique situation and determine exactly where your personal liability begins and ends. At DelanceyStreet.com, we know the ins and outs of Maine‘s complex commercial debt laws. We can quickly assess your exposure and develop a customized plan to protect your assets while negotiating the best possible outcome with your creditors.

Exploring Your Options: Debt Settlement, Consolidation, and More

So let‘s say you’re ready to take action and address your business debt head-on. What are your options? Well, that depends on a variety of factors, including the type of debt you have, your company’s overall financial health, and your goals for the future.One common approach is debt settlement. This is where you (or more likely, your attorney) negotiate with creditors to accept a lump sum payment for LESS than the full amount owed. While this can be a great way to slash your debt quickly, it’s not always easy. Creditors are often reluctant to settle for pennies on the dollar, especially if they think they have a good chance of collecting the full balance through a lawsuit.That’s where a skilled business debt relief lawyer can make all the difference. At DelanceyStreet.com, we have YEARS of experience negotiating with creditors and know how to use the law to your advantage. We can often persuade collectors to accept settlements that save our clients 50% or more off their total debt. And if a creditor does try to sue? We‘ll be right there in your corner, mounting an aggressive defense and fighting to protect your rights.Another option to consider is debt consolidation. This involves taking out a new loan (ideally with a lower interest rate) to pay off your existing debts. The main benefit is simplifying everything into one manageable monthly payment. However, it’s important to crunch the numbers and make sure consolidation actually SAVES you money in the long run. You don’t want to extend your repayment period for a short-term break if it means paying WAY more in interest over time.If your business is really underwater, bankruptcy might be your best bet. Now, we know the “B word” can be scary, but it’s not always the end of the world. In fact, filing for Chapter 7 or Chapter 11 can give you a much-needed fresh start by wiping out unsecured debts and giving you time to reorganize. Of course, bankruptcy does have some serious drawbacks, like tanking your credit score and making it harder to borrow money in the future.That’s why it’s SO important to discuss all your options with a knowledgeable business debt relief attorney before making any decisions. At DelanceyStreet.com, we‘ll take the time to understand your unique situation and goals. Then we’ll walk you through the pros and cons of each approach so you can make an informed choice about what’s best for YOUR company. We’re not here to pressure you into a quick fix. We’re here to be your trusted advisor and advocate every step of the way.

The DelanceyStreet.com Difference: Compassionate, Aggressive Representation

We know that dealing with business debt is STRESSFUL. You‘re not just worried about your company – you’re worried about your livelihood, your reputation, and your future. The last thing you need is an attorney who treats you like just another case number.At DelanceyStreet.com, we pride ourselves on providing compassionate, personalized service to EVERY client. We understand the emotional toll that debt can take and we‘re here to shoulder some of that burden. When you work with us, you’ll have a dedicated team in your corner, led by a seasoned Maine business debt relief lawyer who will be your main point of contact. We’ll take the time to really listen to your concerns, answer all your questions, and keep you informed at every stage of the process.But don‘t mistake our compassion for weakness. When it comes to negotiating with creditors and fighting for our clients‘ rights, we’re AGGRESSIVE. We know the tricks and tactics that collectors use to pressure businesses into paying more than they can afford. And we’re not afraid to push back HARD.Our attorneys have a track record of achieving RESULTS, often slashing our clients’ debts by 50 to 70% or more. We’re well-known in the Maine legal community and have earned the respect of judges, trustees, and even opposing counsel. When creditors see the DelanceyStreet.com name on a case, they know they’re in for a fight.