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, we'll 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. This is for business owners who are trying to keep their doors open and get back on their feet financially.
Is You Business in Need of a Business Debt Relief Program?
If your business or company is among the thousands in need of financial relief, rest assure, the sooner you deal with it, the better. We will outline what a business debt relief program offers, 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 alternatives to using a debt help service and what to expect from them as well.
How Business Debt Relief Programs Works
Most debt help companies don't only offer a small business debt relief program, they offer services for businesses large and small. In fact there are programs for corporate debt relief and restructuring just the same as small business debt relief programs.
Business debt relief programs 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 settlement company when it comes to business debts. This is because business debts are much higher on average than credit card debts and private student loan debts.
Like most credit cards, business debts that qualify for a business debt 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 negotiated settlement.
The Chance of a Judgement While Settling Business Debt
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.
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 settle your business debt is more in their favor than filing a judgement against you. If you don't start the relief and settlement process they will, at some point, do just that. A business debt relief program can help you avoid bankruptcy as well as getting a garnishment.
What Are the Repercussions For Using a Business Debt Relief Program?
Other Debt Relief 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.
Avoid Bankruptcy and Still Get Relief for Business Debts
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.
Some Small Businesses Continue to Stay Strong and Thrive
According to a report by Entrepreneur, the fifteen most profitable small business are: Accounting and Payroll Services, Management Companies, Offices of Real Estate Agents, Automotive Rental and Leasing, Legal Services, Dental Offices, Electric Power Generation, Lessors of Real Estate, Offices of Other Health Practitioners, Offices of Physicians, Commercial and Industrial Machinery and Equipment Rental and Leasing, Religious Organizations, Management, Scientific and Technical Consulting Services, Specialized Design Services and last but not least Office Administrative Services. If you notice, all of these are service businesses. Just because these businesses are thriving on the whole, doesn't mean they can't get in financial trouble. We enroll a client who owns one of these businesses into ou program from time to time.
If you're a business owner, the best thing you can do is deal with financial issues as soon as they arise. Just like anything, the longer you wait, the bigger a problem can get. Business debt relief is an option for business owners who have a significant business debt problem. It's not the cure all, but it can provide amazing results. The main thing to not let happen is let business debt cripple you. Don't push it to the side and let it become the elephant in the room. In conclusion, it will just add stress day to day that can be avoided if dealt with sooner than later.