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nationwide, that demand excellence.

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Faced 5+ Years in Prison

People Vs Joseph Amico

Covered by NYDaily News. Las Vegas man accused of threatening a prominent attorney and making vile remarks.

Faced 10+ Years in Prison

People Vs. Anna Sorokin

Covered by New York Times, and other outlets. Fake heiress accused of conning the city’s wealthy, and has an HBO special being made about her.

Faced 3+ Years in Prison

People Vs. Genevieve Sabourin

Accused of stalking Alec Baldwin. The case garnered nationwide attention, with USAToday, NYPost, and other media outlets following it closely.

Faced Potential Charges

Ghislaine Maxwell Juror

Juror who prompted calls for new Ghislaine Maxwell trial turns to lawyer who defended Anna Sorokin.

Why Choose Us

Clients can use our portal to track the status of their case, stay in touch with us, upload documents, and more.

Regardless of the type of situation you're facing, our attorneys are here to help you get quality representation.

We can setup consultations in person, over Zoom, or over the phone to help you. Bottom line, we're here to help you win your case.

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Meet Todd Spodek

WE PROVIDE WHITE GLOVE SERVICE TO CLIENTS
WHO WANT MORE FROM THEIR ATTORNEY

The Spodek Law Group understands how delicate high-profile cases can be, and has a strong track record of getting positive outcomes. Our lawyers service a clientele that is nationwide. With offices in both LA and NYC, and cases all across the country - Spodek Law Group is a top tier law firm.

Todd Spodek is a second generation attorney with immense experience. He has many years of experience handling 100’s of tough and hard to win trials. He’s been featured on major news outlets, such as New York Post, Newsweek, Fox 5 New York, South China Morning Post, Insider.com, and many others.

In 2022, Netflix released a series about one of Todd’s clients: Anna Delvey/Anna Sorokin.

Why Clients Choose Spodek Law Group

The reason is simple: clients want white glove service, and lawyers who can win. Every single client who works with the Spodek Law Group is aware that the attorney they hire could drastically change the outcome of their case. Hiring the Spodek Law Group means you’re taking your future seriously. Our lawyers handle cases nationwide, ranging from NYC to LA. Our philosophy is fair and simple: our nyc criminal lawyers only take on clients who we know will benefit from our services.

We’re selective about the clients we work with, and only take on cases we know align with our experience – and where we can make a difference. This is different from other law firms who are not invested in your success nor care about your outcome.

If you have a legal issue, call us for a consultation.
We are available 24/7, to help you with any – and all, challenges you face.

Creating a Business Debt Snowball Plan

Creating a Business Debt Snowball Plan

Getting out of business debt can feel overwhelming, but it is possible with some planning and discipline. A debt snowball plan can be an effective way for a business to become debt-free over time. The goal is to pay off debts from smallest to largest, gaining momentum as each balance is paid off.

How It Works

The debt snowball method involves listing out all of your business debts from smallest balance to largest. You then pay minimum payments on all debts except the smallest, putting as much money as possible towards the smallest debt first. Once that smallest debt is paid off, roll that payment amount into the next smallest debt, and so on.

This allows you to gain momentum as debts are paid off one by one. With each debt you pay off, you free up more cash to put towards the next debt, like a snowball rolling downhill gaining size and speed. The psychological wins of paying off debts also helps keep you motivated to stick to the plan.

Getting Started

To start a business debt snowball, first list out all of your business debts and key details including:

  • Creditor name
  • Total balance
  • Minimum monthly payment
  • Interest rate

List the debts from smallest balance to largest. Here is an example debt snowball for a small business:

Creditor Balance Min. Payment Interest Rate
Store Credit Card $1,200 $30 14.99%
Equipment Loan $5,500 $150 9.99%
Business Line of Credit $12,000 $200 7.99%
SBA Loan $50,000 $650 6.99%

Next, evaluate your cash flow and budget to see how much money you can set aside each month above the minimum payments to put towards the debts. The goal is to put as much excess cash as possible each month towards the smallest debt first.

In this example, if an extra $500 per month can be budgeted towards debts, that $500 would be put towards the store credit card first. This is in addition to the $30 minimum payment.

Making Progress

As debts are paid off from smallest to largest, the freed up money from those monthly payments can be rolled into paying off the next debt. In this example:

  1. The store credit card would be paid off first after several months, freeing up the $30 minimum payment.
  2. That $30 would then be added to the $150 minimum payment on the equipment loan, making the new monthly payment $180. The extra $500 per month also continues to be put towards this debt.
  3. Once the equipment loan is paid off, that $180 now freed up would be added to the $200 minimum payment on the business line of credit. The monthly payment on the line of credit is now $380 plus the continuing $500 extra per month.

This snowball effect allows progress to build on itself, maintaining motivation and gaining momentum with each debt paid off. Eventually, even large debts can be defeated through this method.

Tips for Success

Sticking to a debt snowball plan takes discipline, but gets easier with each small win. Here are some tips:

  • Automate payments – Set up automatic payments on all debts to avoid late fees or hits to your credit. Paying manually gives more chance of missing payments.
  • Track progress – Update your debt snowball spreadsheet each month to see the balances going down. Visually seeing the debts shrink helps motivate.
  • Reward milestones – Celebrate each time you pay off a debt, no matter how small. This positive reinforcement helps push you towards the next goal.
  • Re-allocate windfalls – Any financial windfalls like tax refunds or bonuses should go straight towards the debt snowball, accelerating progress.
  • Avoid new debt – Fight the temptation to take on new debt that would throw off the snowball. Stay diligent.

Ask any small business owner who has done it – the feeling of becoming 100% debt free is amazing. The debt snowball method can help you methodically become debt free over time through progress and consistency. Give it a try and take control of your business finances!

Additional Resources

For more help with tackling business debt, here are some useful resources:

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Testimonials

I was searching for a law firm with some power to help me deal with a warrant in New York . After 6 days I decided to go with Spodek Law Group. It helped that This law firm is well respected by not only the top law firms in New York , but the DA , Judge as well. I...

~Fonder Brandon

5 Stars
It was my good fortune to retain Spodek Law Group for representation for my legal needs. From the beginning, communication was prompt and thorough. Todd, Kenneth and Alex were the first people I worked with and they all made me feel comfortable and confident that the team was going to work hard for me. Everything was explained and any concerns...

~A G

5 Stars
After meeting with several law firms, I chose the Spodek Law Group not only for their professionalism and experience, but for the personal attention given to me right from the initial consultation. It is important to recognize how crucial having the right legal team is when faced with potentially life altering events that impact families and the lives of loved...

~George Cherubini

Spodek Law Group

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We Provide Superior Service, Excellent Results, At A Level Superior To Other Criminal Defense Law Firms. Regardless Of Where Your Case Is, Nationwide, We Can Help You.
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