Small Business Debt Relief – Don’t Stay Buried

Small businesses buried in debt need debt relief
It's been a tough economy in recent years, which makes it especially tough for businesses to survive. Many businesses are in need of debt relief program to help resolve their debt. This is particularity true for businesses who find themselves buried in business debt.
When an economy is down, many times the first businesses to suffer are those that offer non-essential services or goods. This is because these services and goods are not a mandatory part of our everyday life. For instance dog groomers, lawn services, retailers of non-essential products, are not mandatory to most peoples' everyday life. These are just a few examples but the list goes on and on. Business debt relief offers hope to small businesses as well as corporations who fall into this category.
A business debt relief program offers an option for businesses who don't need to file bankruptcy but can't make their payments. This would be, let's say, the middle area. If a business owner could afford their loans, they wouldn't be seeking relief. If they couldn't afford anything at all, they would be best suited for bankruptcy. Business debt relief programs are for business owners who are trying to keep their doors open and get back on their feet financially.

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Is You Business in Need of Relief?
My business is in need of debt relief
If your business or company is among the thousands in need of debt relief, rest assure, the sooner you deal with it, the better. Below is an outline of what a program designed to negotiate your debt offers. We will explain how it works, what to expect from your creditors, the credit impact you'll face, and how much you'll save on average. We will also outline some debt relief alternatives and what to expect from them as well.
In a perfect world (or better yet, economy,) businesses wouldn't have to face business hardships. Unfortunately, since no one has found a wormhole that will hyper warp us to that perfect economic world, some business owners are faced with tough decisions. These decisions usually have to do with a business trying to regain a healthy profit, or just a profit at all.
When a business owner is not a candidate for bankruptcy, but cannot afford their loans, enrolling their debt into a debt relief program makes sense. This is because in order to make payroll and pay their overhead, they need to free up cash flow. This is proceeded by a restructuring plan that will improve their sales and their efficiency of operation. Without a proper plan, a business debt relief program will do little more than buy the business time.

Business Debt Relief is For Small and Large Businesses
Business debt relief works offers help for small as well as large businesses. In fact, there are programs for corporate debt restructuring just the same as there are programs for small businesses.
Programs that deal with business debt work very much like credit card relief and private student loan forgiveness, by settling debt in bulk and harnessing the power of leverage in an efficient and streamlined manner. One difference, though, is that there is usually more one on one negotiating involved between the creditor and the debt relief company when it comes to business debts. This is because business debts are much higher on average than credit cards and private student loans.

Qualifying Debt
Business debts that qualify for a debt help program are unsecured. This means that accepting a lesser amount than the total outstanding balance due is in the best interest of the creditor if you, the debtor, go into default by a certain degree or more. Agreeing to accept a lesser amount is better than pushing you into bankruptcy, where they will more than likely receive less then they will through a negotiation process.
Some debt may qualify, some may not. It depends on how aggressive the collection tactics are of the lender or creditor. Debt associated with more aggressive lenders usually won't qualify. This is because they will typically sue before they settle. Settling business debt with an aggressive lender is too risky for the client, so the debt relief company will usually not allow it to be brought into a program.


Settling Business Debt - The Risk

Another option your lender has, but they'd probably rather not do, is file a judgement against your business. The reason they would rather not go this route, unless absolutely necessary, is because this is not a guaranteed avenue for them to get repayment. The judge may not grant the judgement or a garnishment on your wages. Also, if the defendant doesn't show up to the court hearing, it can make it hard to get a garnishment. By providing the judge with an income report and a cost of living worksheet, you can prove you are financially unable to get by while being garnished.
On top of not being a guaranteed method to get payback on the debt, filing a judgement also has an expense on the side of the creditor. This is an expense they would rather not pay if they can avoid it. Agreeing to a relief agreement for your business debt is more in their favor than suing you. But is you don't get your debt enrolled into a business debt relief program they will, at some point, do just that. relief program can also help you avoid bankruptcy as well as getting a garnishment.

Avoid Bankruptcy and Still Gain Relief
Using a business debt relief program is the best way for a business to avoid bankruptcy. No business owner wants to pay the legal fees associated with bankruptcy. Business debt relief not only lets business owners avoid bankruptcy, it lets them avoid the expenses that come with it as well. Having legal counsel on your side or at your disposal is not a bad thing. With that said, this is a good description of how the legal part the program works. We provide our clients with our network of legal counsel if, during the process, they need legal service. This comes at no extra charge to our clients.

What's the Downside

  • You will stay in default status while in a business debt relief program, therefore, you will likely receive a lot of calls from creditors.
  • You credit score will drop during the settlement process.
  • Typically you will pay taxes on the principle amount saved. (This is not a bad thing, just something you want to be aware of before you file your taxes.)

    Other Services We Offer

    We offer relief services for private student loans debt . Among these, Sallie Mae would be the largest private student loans lender we offer relief options for. This is because they are the pioneers of the industry and still the largest private loan lender for students. Like all debt relief companies, we offer debt services for credit cards as well as most other unsecured debts. We can help with one or a combination of unsecured debts. When it comes to a combination of unsecured debts, they may have to be enrolled separately. The best way to know is to let us give you a free consultation. For business debt relief clients, we can usually enroll all of their debts into one program.

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    Not all debts are eligible for enrollment due to our underwriting guidelines. Clients who make all their monthly program payments pay approximately 38% of their enrolled debt balance before fees or 67% to 71% including fees, over a term of 1 to 59 months. Our service fee is approximately 18% to 21% of the enrolled debt amount enrolled and approximately 25% to 31% of the amount our clients pay back. Not all clients complete our debt relief program for various reasons, including their ability to save sufficient funds while in our program. Estimates based on prior results, which will vary based on specific circumstances.
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    We do not guarantee that your debts will be lowered by a specific amount or percentage or that you will be debt-free within a specific period of time. We do not assume consumer debt, make monthly payments to creditors or provide tax, bankruptcy, accounting or legal advice or credit repair services. Not available in all states. Please contact a tax professional to discuss tax consequences of debt settlement. Please read and understand all program materials prior to enrollment, including potential adverse impact on credit rating.