MCA Default – Should I get into a Payment Plan Post-Default?

MCA Default

Should I get into a Payment Plan Post-Default?

With the dramatic surge in calls we have received related to troubled Merchant Cash Advance loans, it’s time to set the record straight on an issue that we frequently run into. We have written about this many times and you can read this article on the topic of MCA default

Upon defaulting on your daily payments owed to MCA creditors, you will most certainly encounter the aggressive, ...

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How to Protect yourself during a Merchant Cash Advance Loan Default

How to Protect yourself during a Merchant Cash Advance Loan Default

Recently Second Wind Consultants has seen a large influx of business owners overburdened with merchant cash advance loans and other forms of high-interest short term financing. Instead of one large monthly payment, these multiple, often daily, payments are strangling cash flow of an otherwise “stable” business. We have other articles on the topic that have received much praise, hopefully, this one helps you out too.

The ...

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My Business Partner Filed Bankruptcy – What happens to Our Joint Debts?

My Business Partner Filed Bankruptcy

What Happens to Our Joint Debts?

When creating a business with a partner, few entrepreneurs truly understand how that act intertwines the financial positions of the partners, especially when debt is involved. No one ever thinks about this when business is going well or at the formation of the partnership, but what happens if your business is performing poorly or your business partner files bankruptcy? Where does this leave you?

Many owners create their ...

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What Can You Do to Improve Your Credit Score?

 What Can You Do to Improve Your Credit Score?

Easy steps to rebuild your credit fast

Many of our clients come to us with very poor credit scores. This is a symptom of the small business owner leveraging everything they can to keep the operation running, including their personal credit.

While it is important to note that in the vast majority of SBA workouts, personal credit is not impacted, our clients are typically dealing with a variety of ...

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Defaulting on a Merchant Cash Advance Loan?

Defaulting on a Merchant Cash Advance Loan?

In the years leading up to the 2008 financial crisis, small business owners had a consistent source of short term capital, their home equity. Rapidly rising house prices allowed them to borrow against their homes and put the money into their company to buy more inventory, fulfill a purchase order, hire more employees, etc.

Then things changed. The 2008 financial crisis crippled home equity nationwide and tightened lending standards. Business owners in desperate ...

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Can a Creditor Take My Retirement Money?

Can a Creditor Take My Retirement Money?

When faced with reduced revenues, increased overhead, and other market forces that put pressure on the cash flow of small businesses, many owners liquidate their personal assets and invest them into their business. They liquidate stock accounts, cash savings, sell other assets to raise cash, and even forego a paycheck. It is their passion and their determination that leads them to believe that they will get that returned money and more once ...

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How Does Debt Cancellation Income Affect Your Tax Return?

How Does Debt Cancellation Income Affect Your Tax Return?

So you’ve settled all of your debts, paid off your creditors (some for pennies on the dollar), and now you’re able to walk away and completely put your debt issues behind you, right? Not so fast! Debt cancellation income or income from debt forgiveness is something that must be analyzed early on before you begin a debt settlement negotiation.

Many people don’t realize when they settle an outstanding debt, and the ...

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