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• Need quick cash for expenses, payroll, inventory etc.
• Don’t qualify for a traditional bank loan
• Like the flexibility of payments tied to sales
• Low or no collateral required upfront

For some biz owners, it seems like an easy way to get capital fast without a lot of hassle. But it can turn into a nightmare pretty quick if you aren’t careful!

The Ugly Truth about Merchant Cash Advances

Now here‘s the real deal about merchant cash advances that they won‘t tell you upfront:

• Crazy high interest rates – some over 100% APR!
• Short repayment terms – often less than 12 months
• Daily/weekly payments strain cash flow
• Vague contract terms and fees
• Aggressive collections tactics

See what I mean about a nightmare? The terms are designed to squeeze every last cent from your business as quick as possible. Miss some payments and you’ll have collectors blowing up your phone and slapping lawsuits on you.It’s like swimming with sharks, my friend! Which is why having an experienced Denver merchant cash advance attorney can save your skin.

How a Denver MCA Attorney Can Help

If you already signed a merchant cash advance agreement, don’t panic. A qualified attorney can still help in a bunch of ways:

• Review the contract terms and fees for anything prohibited by Colorado law
• Explain your rights and options for negotiating, settling or fighting the agreement
• Negotiate lower payments or a settlement with the provider
• Defend against any lawsuits filed to collect on the MCA
• Have the agreement invalidated if illegal terms are found
• Reduce the amount owed through legal arguments

See, you gotta have someone in your corner who knows all the tricks these MCA providers use. Most of their contracts have illegal junk in there they hope you won’t catch. A good lawyer will catch it and use it as leverage to protect your business.They can also negotiate with the provider to settle your debt at a lower amount. Going in with legal representation shows you ain‘t messing around. Many MCA companies would rather take a reduced payout than face a lawsuit themselves.

Finding the Right Denver MCA Attorney

Not just any lawyer will do though when dealing with a merchant cash advance. You need someone experienced specifically in MCA cases. Here’s what to look for:

• Specialize in business/commercial legal issues
• Years of experience handling MCA cases
• Familiar with Colorado laws and regulations
• Will review your agreement for free
• Reasonable fees that don’t break the bank

Avoid any lawyer who wants to charge you just to review your contract. A good one will have a free consultation to go over your situation. Make sure you understand their fees before signing anything.Also ask upfront if they have experience settling or invalidating MCA agreements. Having an aggressive attorney makes a huge difference dealing with these sharky providers.

Common MCA Violations in Colorado

Now let‘s talk about some of the sketchy stuff MCA companies try to sneak into their agreements. Your lawyer will look for these violations:

• Super high interest rates and fees
• Failing to properly register as a lender in Colorado
• Requiring unreasonable daily repayment amounts
• Including personal guarantees and confessions of judgement
• Using deceptive language like “purchase agreement”

If your agreement contains any of those prohibited terms, that gives you leverage to fight the MCA company. Any lawsuit against you could get tossed out. A good attorney will pounce on violations like a dog on a bone!

Negotiation & Settlement Strategies

Before jumping straight to court, your lawyer will try to negotiate a settlement. This could involve:

• Offering a lump sum payment less than you owe
• Proposing a reduced payoff amount
• Asking for lower daily payments based on current sales
• Converting the agreement to fixed monthly payments

Having an attorney makes negotiations much easier. The MCA provider knows you have legal representation and are ready to rumble. They‘ll often agree to reasonable terms to avoid a court battle.

Defending Against MCA Lawsuits

If talks break down and the sharks file a lawsuit, your lawyer has your back in court. They can build strong defenses like:

• The agreement violates Colorado lending laws
• The MCA company isn’t properly registered/licensed
• The fees, rates, and repayment terms are unlawful
• Fraud, misrepresentation, or lack of proper disclosures
• Unconscionable contract terms

A skilled attorney knows how to poke holes in the MCA provider‘s case. Nine times out of ten, the judge will side with you if your agreement violated state laws. Pretty sweet deal, huh?

Should You File Bankruptcy?

If you owe big bucks across multiple MCA agreements, bankruptcy may wipe the slate clean. Your lawyer can advise if Chapter 7 or 13 bankruptcy makes sense for your situation.Filing bankruptcy stops collections and lawsuits in their tracks. The court can discharge all or part of your merchant cash advance debts. A fresh start for your business!