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Business Debt Solutions
What is business debt? (aka - commercial debt, corporate debt, company debt)
Commercial debt, business debt and avoiding bankruptcy are problems when a business owner seems to be spending more time on juggling bills and not running the day to day operations of a business. Debt includes vendors, credit card debt, leases and most loans. Business debt can often lead to closing a business if not resolved and treated correctly.
If you have been turned down for a business loan by a bank we have alternative sources to help you. Call us to find our more.
Symptoms include:
- Taking pay cut
- Inability to get financing
- Poor cash flow
- Need terms stretched out over time
- Revenues exceeding break even
- Using personal credit to make ends meet
- Phone calls and collection letters.
How our business debt turnaround solutions work
We will work with your creditors to establish settlement terms that work for you, allowing you to clear your debt with reasonable payments and terms.
This solution can allow you to avoid skyrocketing legal fees by completely avoiding the need for attorneys. Your payments can be set up to be fixed, and predictable, allowing you to clearly set up your budget to eliminate your business debt and still have an effective business plan.
Without our commercial debt settlement plan, your business could continue to fall deeper into debt, and you then take chances of losing your company due to the mounting creditor responsibilities.
We work with you to establish a budget you can afford on a monthly basis and use that money to negotiate with all of your creditors.
Pros, Cons, & Alternatives to a Commercial Debt Settlement Plan
Without our commercial debt settlement plan, your business could continue to fall deeper into debt, and you then take chances of losing your company due to the mounting creditor responsibilities.
Contact Debt SOS Today
By entering an completing a program such as that offered by one of our Debt SOS business debt turnaround specialists not only could you be debt free but Debt SOS works with several banks and factoring companies to help you borrow money once your business is on sound footing.
Hire an attorney
Attorneys can be formidable defenders when legal assistance is needed. With a competent attorney, you are well represented and prepared to defend a lawsuit but do you have the right specialist addressing you financial ailment? The BEST defense to a collection claim is always a resolution for the claim itself. Funding a legal defense for an unwinnable claim is usually an unaffordable expense and the entire debt remains to be addressed after a court battle is lost. Creditors are only encouraged to be aggressive after a court victory and the willingness to reach an affordable settlement may be gone. Hiring a Law Firm is ineffective and costly for fielding collection calls and engaging seasoned collectors on long-winded negotiations.
Do nothing
While you are ignoring your creditors they are planning collection strategies that could be avoided with communication and constructive settlement talks. They have already frozen your credit accounts. Put yourself in their shoes, what would you do if you were not paid by your customers and they could not reach you when they called your office? Unfortunately, most of your creditors will determine it is no longer worth their time to try to work with you and they will place you for collections or just sue you. Your creditors need attention now.
Not addressing your debt or doing nothing to satisfy your creditors may be the worst thing you can do. Creditors and their agencies will only become increasingly aggressive demanding. You did not get into debt in just a few weeks or months and you will not get out of it in just as short a time period. Borrowing is not an option and waiting for a government bailout is like waiting to win the lottery. You need a real plan that fits what you can afford that you know will work. If you're sales increase or some other solution presents itself you'll preserve your company's future but you need an action plan for this debt now, if not yesterday.
Other options include bankruptcy which could end up costing you more money or shutting the business down altogether.
Is Business Debt Turnaround the right solution for me?
Every business and every situation has different situations. If you have some money that you have been using to hold of creditors you may put it to better use by calling Debt SOS to get a free debt evaluation that will help you understand what will be best for you and your company. By putting aside some money each month your business could be completely debt free in just a short period of time.
What are my options for business debt and what should I do next?
- Handle it Yourself- Your creditors will appreciate the communication and the effort but at the end of the day even a fully equipped Fireman do not run into a burning building alone. You are at disadvantage as a concerned and responsible individual, creditors and their agencies will take advantage of your sincerity. Ultimately, your creditors will place their claim with seasoned collectors. They will have representation, why wouldn't you want someone in your corner that has been down this road before?
- Hire an Attorney- Attorneys can be a formidable form of representation when legal assistance is needed. But hiring a Law Firm is ineffective and costly for fielding collection calls and engaging seasoned collectors on long-winded negotiations. The best defense to a collection claim is always a resolution for the claim itself. A legal defense for an indefensible claim is often an unaffordable expense and the debt still remains to be addressed after a court battle is lost.
- Use a Reputable Debt Management Firm- Using a Debt Management Firm with a winning record may be the best option. A good firm will work almost entirely on contingency of their results, formulate both a budget and a settlement strategy and contact your creditors without delay. They will take the burden of dealing with creditors, collectors and attorneys off your plate as they negotiate affordable settlements on your behalf. Best of all, your time can once again be spent building your business.
- Do Nothing- Ignoring your problem while praying for an influx of revenue, a large purchase order or a government bailout to rescue you is not a realistic plan of action. Ignoring your creditors will ultimately lead to increased collection efforts and decreased cooperation at a time when their willingness and understanding is needed the most.
As always the best option is to call DEBTSOS and get a free debt evaluation and they will help guide you in a direction that will work for you and that you feel comfortable with.
Call us today and see how soon we can help you get out of debt!
1-855-DEBT-SOS (1-855-332-8767)
No strings attached debt evaluation. If we can't get you out of debt, you don't pay a thing!
