Roseville Business Debt Settlement Lawyer

In today’s economy, it seems like it is easier than ever for a business to accumulate debt quickly. Mounting debt can not only be overwhelming, but it can also be frightening for those who feel like they have no way out of it. Luckily, no matter how difficult your Roseville, CA situation may be, there are still solutions out there for you and your business that can help. If you have found yourself in copious amounts of debt from trying to run your business and are unable to make your payments on time, debt settlement may be the right option for you.

Coggins Law: Your Roseville Business Debt Settlement Firm

At Coggins Law, our team is committed to helping each of our clients find solutions to their financial struggles. We understand how daunting running a business and the debt that comes with it can be, which is why we provide multiple kinds of legal services offering resolutions to financial issues, including business debt settlement. With decades of experience between our lawyers and our expert negotiation skills, we can work with you to find the best possible outcome for your unique situation. If your business is struggling with debt, don’t delay finding legal representation you can trust, like our team at Coggins Law.

What Is Business Debt Settlement?

When dealing with large amounts of debt, many business owners believe that filing for bankruptcy may be their only way out of it. However, there are alternatives to bankruptcy, like debt settlement. Business debt settlement is a legal method that allows business owners to try and negotiate their debt with their creditors. Depending on your case, you may be able to decrease the total amount you owe, lower your interest rates, lower your monthly payments, or come to a new agreement completely.

How Does Business Debt Settlement Work in California?

While you can try and settle your debt yourself, it’s in your best interest to work with a reputable attorney with experience in this area of the law. Once you have found an attorney and they have evaluated your case, you can then reach out to your creditor to explain your current financial circumstances and attempt to negotiate your debt. With the help of an attorney, you can make an initial offer and hopefully negotiate terms with your creditor until they accept. Business debt settlement can result in a variety of solutions, depending on the specific circumstances of your case and how much money you owe. Until your creditor accepts your offer and legally agrees, you are still required to make the current payments you owe. If they agree to lower payments or your overall total, you will be expected to pay that total in full. It is also possible that your creditor will deny your request to settle. If that occurs, you’ll have to look into other alternatives for financial relief.

How A Debt Settlement Lawyer Can Help You

When it comes to the business debt settlement process, working with an attorney that you can trust to help you can make a big difference. Just a few of the advantages that come along with working with our team at Coggins Law include:

We’ll Negotiate for You

Negotiating is a critical part of the business debt settlement process, which is why having an attorney with expert negotiation skills can help your case immensely. At Coggins Law, our team has decades of experience working in business and tax law. We have negotiated countless cases for our clients, using our extensive knowledge of the law to represent their best interests. In a debt settlement case, you’ll need an attorney that can convince your creditor to accept your offer, which our team is prepared to help you do.

We’ll Provide Reputable Services that You Can Trust

Unfortunately, many third-party debt settlement companies have used deceptive and unfair tactics while providing their services to unknowing clients trying to resolve their debt. With promises to lower their debt by almost half, many of these companies get their clients to stop paying their current debts and instead pay their business money to lower them. At Coggins Law, we offer professional legal services that you can trust. We believe in honest, thorough representation and will work to find unique solutions to your case without using deceptive strategies to do so.

We’ll Fight for the Best Outcome Possible

While there is no way to remove complete responsibility for your debt, methods like debt settlement offer individuals struggling with finances an alternative to filing for bankruptcy. By hiring one of our attorneys, we can evaluate your case and figure out what your best option may be. From there, we’ll use our negotiation skills to try and come to an agreement with your creditors that is the best outcome possible.

We’ll Defend You if You’re Sued

In some cases, a creditor may refuse all offers for business debt settlement and will instead sue the individual or business for the full amount they owe. When this occurs, you need an attorney familiar with business law to defend you properly. If the court rules in favor of the creditors, you could face penalties such as wage garnishment, bank account garnishment, freezing of your bank accounts, and more.

What Kind of Debt Can Be Negotiated in Debt Settlement?

The two main forms of debt a business faces are secured and unsecured. Secured debt is simply debt that is backed by some form of collateral. For example, a mortgage is a secure debt because the house or facility can be used as collateral. In most cases, it is extremely difficult to negotiate secure debt.

Unsecured debt, however, is debt that is not backed by any collateral. Personal loans, credit cards, and medical debt are all forms of unsecured debt an individual may face. Because unsecured debt is not backed by collateral, it is a bit easier to negotiate in debt settlement as a creditor will want to ensure they receive some of their investment back. With the help of an attorney, you can negotiate with your creditors to work for a debt settlement that helps to relieve some of your business debt.

Prioritizing Your Debt

If you have multiple creditors, your debt can become overwhelming and disorganized. This is why it’s important to prioritize your debt once you start thinking about the settlement process. You’ll need to assess the different kinds of debt your business is in, what can possibly be negotiated, what you need to pay first, and more. If you have certain assets backed by collateral you want to keep, for example, that may be higher on your priority list to pay rather than unsecured credit card debt that you may be able to negotiate.

Business Debt Settlement Attorney FAQs

Q: How Long Does It Take to Negotiate a Debt Settlement?

A: The debt settlement process can sometimes be quite long, especially when it’s a business. On average, a debt settlement case can take anywhere from 1 to 4 years.

Q: What Percentage of a Debt Is Typically Accepted in a Settlement?

A: The offer that your creditors end up accepting is typically between the 30% and 60% range, depending on how much is owed and how difficult negotiating is.

Q: Should I Try Debt Settlement if My Business Is Closing?

A: If you’re looking for an alternative to bankruptcy, trying to settle your business’s debt can be a better method to resolve your debt when your business closes. Because a creditor knows it will be much harder to try and collect any debt after a business closes, they will most likely accept your offer to settle so that they at least receive some of what they are owed.

Q: What Is the California Fair Debt Settlement Practices Act?

A: The California Fair Debt Settlement Practices Act was put into effect to implement restrictions and prohibitions for third-party debt settlement companies. This act prohibits third-party debt settlement companies from using deceptive or unfair practices that usually cause their clients to end up in more debt.

Q: Can My Creditor Deny My Offer for Debt Settlement?

A: A creditor is not legally required to accept your offers for debt settlement. They are not only allowed to deny your claim, but they also have the right to sue you if they believe you aren’t going to pay the amount back that you owe.

Roseville Business Law Specialists

Debt from your business can pile up fast. At Coggins Law, our team is dedicated to helping California businesses find solutions to their debt. We know how hard it is to run a business, especially in today’s economy. That’s why we offer legal services in business law so that we can help you navigate through difficult times. Whether you’re looking for assistance with business debt settlement or you’re interested in other tax and business law services, our team at Coggins Law is prepared to help. To learn more about our firm and how we may be able to assist you with debt settlement in Roseville, CA, contact us today for more information.