Do you have a business that is drowning in debt? Are creditors and collection agencies calling to collect? Is bankruptcy threatening your dream of continued entrepreneurship?
Do not sign away all your personal property or investments in order to obtain business debt loans or, even worse, to declare bankruptcy. Depending on your situation, there is another way to resolve your business debt that could save your business.
The important thing to remember is you are not alone.
Many good businesses owners fall into the debt trap. Are you becoming stressed due to the obvious need for small business debt relief? As a responsible business owner, you understand the ramifications of your business revenue drying up and your credit running out:
- You have to juggle to make payroll;
- You and your staff start hiding from creditors, collectors and lawyers;
- Lawsuits are threatened and filed and eventually, your business dies.
If you give up, your business disappears as well as your income. Your family suffers and so do your employees. You likely will not receive government handouts for a business failure. The only people who do not suffer are those that facilitate your business bankruptcy.
So what is the alternative to a business bankruptcy?
There are debt relief programs that can get your business out of debt and back on track. These programs would negotiate affordable and fair repayment plans with your creditors.
In a repayment program, creditors would not lose as much as they would with a Chapter 7 business bankruptcy, which includes the following:
- losing the full value of the goods and services that they provided to a business;
- losing the business as a lifetime paying customer; and
- Losing any repayment settlement through a debt relief program, which may at least cover part of their costs.
In order to keep your doors open and survive debt trouble, small business owners should consider a debt relief program before giving up and declaring business bankruptcy
Wondering if your small business is experiencing unmanageable debt trouble? Here are some tell tale factors:
- Constant time-consuming collection calls interrupt business and alert employees to business troubles;
- Stress from dealing with constant negativity is unbearable and affecting revenues;
- Cash is bleeding out of the company. Creditors routinely ask for regular monthly payments when they have not been paid in full. But there is not enough income to satisfy every account in this way;
- Monthly carrying costs on secured loans and equipment leases are unmanageable;
- The bank loans officer threatens to call the loan;
- The building lease is too high;
- Court judgments – real or potential – threaten personal and business assets; and
- Revenues are too low to service the debt and provide cash needed to recover.
You started your business with high hopes and ambitious drive for prosperity. Don’t let your troubled finances drown your business in debt before it’s too late. Protect your business, your staff and your source of income – research your options before considering business bankruptcy.
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