I am in desperate help on some advices. I started an online business in 2004, ever since 2007 the business went down hill, and I took out a merchant cash advance in 2009, but it didn't help besides rolling the debt bigger and bigger. The business had incurred over $150k in losses over the years. I have lost everything.
I just went default about a week ago, the MCA company is looking after me now, they call me non stop all day, but i never answered their call. They even called my landlord asking if I am still in business. I received a fax from their attorney stating they will take legal action against me if I don't respond.
The balance of the contract is $40k. In the merchant cash advance contract, it states I will be held liable if the company fails to pay.
I have a feeling that these MCA companies are run by mafias or gangsters, they left very rude voicemails, threatening me that they will put me out of business if "this is the game I want to play"
Any one has experience with these companies? What kind of people are they?
They seem to be small companies so i think they will do everything they can to collect, unlike bigger banks which send their cases to 3rd party collection agencies.
Can these debts be discharged in Ch.7 ? I just consulted with a local bankruptcy lawyer and he said it's not a problem.
If these guys act fast, what's the shortest possible time that they can get a judgement on me and levy my assets?
I have nothing but debts, i have no property or assets, not even much money in the bank.