Buying new equipment or inventory is often necessary to keep your business running. However, certain contract terms could make those purchases collateral for old debt. Reviewing your documents can help you avoid surprises when seeking financing or selling property....
As a licensed professional in New York, your practice is both your livelihood and reputation. When creditors file Uniform Commercial Code (UCC) liens or obtain judgments against your business, the consequences can be severe. These legal encumbrances can cloud your...
Finding a UCC filing on your credit report can be alarming, leading many business owners to fear they have been sued or that their bank accounts could be at risk if a creditor later obtains and enforces a judgment. A Uniform Commercial Code (UCC) filing and a court...
Funders can freeze a company's credit by filing a premature UCC-1 financing statement before providing any funding. This practice happens when a potential funder rushes to secure priority over assets while the business is still shopping for capital. This blocks other...
If you are working toward a traditional bank loan to grow your business, a Uniform Commercial Code (UCC) lien on your assets could stop you before you even begin. Hence, understanding how these liens work helps you take the right steps to protect your financial...
Merchant cash advance (MCA) funders file UCC-1 financing statements to secure their interest in your future sales. When you finish your payments, the funder should end these liens. Many business owners find that old filings stay active and block new funding. You can...
Merchant cash advances (MCAs) can be a lifeline for small business owners across the country, as well as in New York. This system offers access to quick cash for when entrepreneurs are in a pinch. However, MCAs are not considered commercial loans and face far less...
Many business owners treat a Uniform Commercial Code-1 (UCC-1) filing as a formality. You sign it at closing, file it away and give it little thought afterward. However, a single missed payment changes that picture entirely. That missed payment acts as a trigger,...
Daily Merchant Cash Advance (MCA) payments can drain your account while funders, now subject to increasingly strict New York disclosure laws, keep the pressure on. If you have considered closing your business and starting fresh to leave the debt behind, understand...
Finding out that a UCC claim has been filed against your company can be shocking and stressful, especially when it comes as a complete surprise. Many business owners feel blindsided, suddenly facing risks, such as frozen accounts and asset seizures. While the...