FAQs
What happens if a creditor wants to file a lawsuit?
Synergy Restructuring has an Attorney Network of 500+ local attorneys that handle all legal motions, as well as aid in the negotiations of your debts.
What types of debt qualify for debt restructuring
​Our debt restructuring program can help to restructure a wide variety of debt problems, but not all debts will qualify for restructuring. Merchant Cash Advances, Business Credit Cards, Vendor Debt, Business Loans and most debts categorized as either secured or unsecured debt. Unsecured debt often takes up a significant portion of a business's overall debt. The good news is that it can be resolved as part of a debt restructuring program. If the debt is based on collateral such as a truck, house or piece of property; it is considered a secured debt. Specific examples of secured debt include a mortgage, truck loan or equipment financing. Unfortunately, this type of debt cannot be restructured because the creditor can simply relinquish the asset in order to recover funds. Once the collateral is recovered, a creditor will look to recover and deficiency, which we can restructure.
Where will my money be held during the restructuring process?
While you are contributing to your debt restructuring program, your money will be deposited into a third-party account that you have full control over. It will be securely held at an FDIC insured bank. Your money in reserve will be used to pay your creditors, either in lump sum after you’ve accumulated enough to do so, paid weekly or monthly, in a structured payment plan.
How will I know debt restructuring will work for my situation?
Every situation is unique. Debt restructuring may be worth considering if your business is struggling with high monthly payments, keeping up with payroll or struggling with limited inventory. Synergy Restructuring can review your situation and explain whether this option is practical based on your specific circumstances.
Why chose Synergy Restructuring? Why not just call the creditors myself?
Calling the creditors yourself can be time consuming and stressful. Synergy Restructuring has years of experience in debt restructuring. Our program providers have long-standing relationships with MCA companies, collections companies, and law offices. With that said, you can trust that with our program you will get the best possible result – while you can focus on growing your business!
Am I able to choose which accounts are included in the debt restructuring?
Yes! Absolutely, it is completely your decision which debts you would like to resolve.
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