IF YOU’RE LOOKING FOR A BUSINESS DEBT SETTLEMENT COMPANY, VISIT DELANCEY STREET. CLICK HERE NOW.
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Wyoming MCA Defense Lawyers Business Debt Relief
Running a small business is difficult enough without the burden of overwhelming debt. If you’re a Wyoming business owner struggling with merchant cash advance (MCA) debt, know that you have options – and legal help available.As an alternative lending product, merchant cash advances can seem like an attractive option when funds are needed quickly. However, predatory MCA companies often fail to properly disclose terms and charge exorbitant rates and fees that small businesses struggle to repay.While every situation is different, there are potential defenses business owners can raise when faced with collection attempts or lawsuits from MCA lenders:
Unconscionability
- If an MCA agreement contains unfair terms that unreasonably favor the lender, courts may rule the contract is invalid or unenforceable on grounds of “unconscionability.” Key factors courts consider include:
- Interest rates/fees are excessively high compared to reasonable market rates
- The agreement is overly complex or difficult to understand
- There is imbalance in bargaining power between the parties
Breach of Covenant of Good Faith and Fair Dealing
- All contracts contain an implied “covenant of good faith and fair dealing” under Wyoming law. If an MCA lender acts unfairly or dishonestly, it may give rise to a claim for breach. Examples include:
- Misrepresenting or failing to disclose key terms
- Engaging in aggressive/deceptive sales tactics
- Making unreasonable demands or taking unfair advantage
Usury
- While laws vary by state, charging excessively high interest that exceeds legal usury caps can potentially invalidate a contract in Wyoming. Rates above 45% may be deemed usurious.
Racketeering Influenced Corrupt Organizations (RICO) Act
- The federal RICO Act provides civil and criminal penalties for entities engaged in certain “racketeering” activities. Predatory lending practices (like inflated MCA loans) could potentially trigger RICO liability.
If you feel an MCA lender has acted improperly or believe you have valid defenses in a collections lawsuit, consulting a business lawyer in Wyoming can help protect your rights. An attorney can assess your case, advise on the best strategies to contest liability based on applicable laws, and represent you in legal proceedings if necessary.
How We Can Help
Here at Delancey Street, we specialize in helping small business owners find solutions for overwhelming commercial debt – including from predatory MCA loans. Our dedicated team of experts has assisted countless entrepreneurs across the country.While we’re not attorneys ourselves, we maintain close partnerships with experienced lawyers nationwide (including Wyoming) so providing legal counsel is part of our comprehensive debt relief process.Some key ways we can help Wyoming business owners facing MCA debt include:
1. Objective Case Review
First, our team thoroughly reviews your situation including:
- MCA agreement terms, fees, rates
- Lending practices based on applicable state/federal laws
- Viable defenses that could invalidate contract
We objectively assess potential legal arguments to contest the debt’s validity.
2. Connect with Specialized Attorneys
Based on our case review, we connect you directly with lawyers in our network who specialize in MCA litigation – for free, no obligation consultations. They can further evaluate defenses in your specific situation under Wyoming statutes.
3. Negotiate Debt Relief
Armed with objective legal perspectives on any potential defenses, we then negotiate directly with MCA lenders on your behalf to secure meaningful debt relief. This can include:
- Reduced payoff amounts
- Manageable payment plans
- Settling debt for pennies on the dollar
4. Ongoing Support
Even after settling your MCA debt, we provide ongoing support to improve your financial health long-term. Our customized Budgeting & Cash Flow Planning services help take control of finances, build savings, and achieve financial freedom.
Contact Us Today
If you’re a Wyoming small business owner struggling with overwhelming MCA debt, contact us today at 212-210-1851 to start the process. Our dedicated experts are standing by to help get you on the path to financial stability and growth.
Frequently Asked Questions
What laws typically govern MCA agreements?
- MCA loans fall under commercial contract law, so general contract defenses would apply. Usury laws regarding interest rate caps may also come into play depending on the state.
What are signs of a predatory MCA lender?
- Warning signs include unusually high rates/fees, overly complex agreements, lack of transparency, aggressive sales tactics, unreasonable repayment terms.
Can I negotiate an MCA payoff myself?
- While you can try contacting the lender directly, having professional support experienced in debt relief negotiation is highly recommended for the best outcomes.
What happens if I just stop making payments?
- The MCA lender will likely send the account to collections, hurting your credit. They may also file a lawsuit to recoup the debt – making legal help invaluable.
How much do lawyers typically charge to help with MCA debt?
- Attorneys generally work on a contingency fee basis in these cases, meaning no upfront payment is required. They receive an agreed upon percentage of any savings/relief achieved.
Get Comprehensive Wyoming MCA Debt Relief
At Delancey Street, our holistic approach combines expert debt negotiation with legal support to help business owners find solutions. Contact us or call 212-210-1851 to start resolving your MCA debt. Our team is here to help get your business back on track.
IF YOU’RE LOOKING FOR A BUSINESS DEBT SETTLEMENT COMPANY, VISIT DELANCEY STREET. CLICK HERE NOW.
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