Hiring a lawyer is one of the major decisions an individual has to make. Whether you’re faced with a criminal or civil charge, has been a victim of personal injury, or involved in a merchant cash advance situation, hiring an attorney is crucial before making any final decision. One wrong move can incriminate yourself or your company.  

In a merchant cash advance (MCA), a lender and a borrower agree to a regular payback system, like daily or weekly. The lender, in return, receives receipts or a percentage of sales from the borrowers. MCA lenders usually file lawsuits against borrowers with default payments. That’s why it’s essential to seek legal counsel right away if you’ve defaulted on a payment.

In this post, you’ll learn the important questions you need to ask an MCA attorney before hiring one. 

What Can You Do for My MCA Case?

As a business owner, you have to understand that a merchant cash advance (MCA) is a form of cash advance but not a loan that’s based upon our business’ future credit card receivables will receive. In order to determine if you’re capable of paying back the funds on time, MCA companies will look at your daily credit card receipts.

Here are the things an MCA lawyer can do for you:

• Help You Settle Your Loans: An MCA attorney can help you reduce your payments and lower your interest. Also, a lawyer can help you have a good forbearance program and settle your MCA loan for less the amount you owe for your business relief. 
• Avoid Problem From Getting Worse: An MCA attorney can save your business from bankruptcy, resolving your case early and avoid your debts from growing worse.
• Provide Legal Advice: With the help of an MCA attorney, you can protect yourself from creditors and avoid freezing or seizing your assets. 

What Legal Cases Do You Handle? 

If you have default MCA payments, you have to seek legal help from a lawyer who handles MCA cases. Law is a broad field. That’s why it’s important to hire a specialized MCA lawyer that’s qualified to handle your MCA case. 

It’s a good idea to hire an MCA attorney from a trusted law firm that’s highly respected and most-sought in handling business debt matters. 

Here’s how an MCA lawyer can help you handle your MCA case:

• Restructure your MCA loan. 
• Mitigate and land into a favorable resolution for your MCA loan.
• Carry out negotiation and insulation programs.
• Reduce or eliminate accruing interest, fine print fees, and penalties buried in your paperwork.
• Help you ultimately break free from your business debt or MCA loan.

Who Are Your Typical Clients?

This question is important but usually overlooked. For instance, if you have a small business involved in an MCA case, but the lawyer you’re meeting with represents bigger companies or corporations, then you might need to find another lawyer who can best represent small business owners. 

In addition, determining the financial background of the attorney’s clients is also one way to know if you’re speaking with the right MCA lawyer or not. Lawyers use financial status as a basis in factoring high-end clients from average clients. Of course, instead of repaying your MCA loans, you don’t want to end up spending more money in the long run.

How Long Have You’ve Been Handling MCA Cases? 

By knowing the experience and expertise of an MCA lawyer, you’ll feel confident hiring someone who’s fully qualified to handle your case. 

Of course, you have to ensure that your MCA lawyer can handle the complexity of an MCA case, knowing the ins and outs of your case to come out for the best outcomes. 

Who Will Handle My MCA Case?

During the free initial interview, it’s important to know who’ll be handling your MCA case. While you’re probably speaking to a senior lawyer, cases are usually handed to junior lawyers under the supervision of a senior lawyer. 

By knowing who will be handling your case, you’ll have peace of mind that you’ll reap the best results.

How Will I Get Billed?

It’s crucial to know the attorney fees or legal costs involved with your case to know if you can afford the attorney’s services. Inquire about payment options and the circumstances of how you’ll be billed.

Conclusion

Handling an MCA case can be very frustrating and confusing. 

Hiring an MCA lawyer will guide you during the entire process and help find the best resolution for your case. By doing so, you’ll have peace of mind that a legal professional handles your case.