Negotiating Small Business Debt
If you are a small business owner facing mounting pressure from creditors, it may be time to consider negotiating small business debt. While our firm handles small business bankruptcy filings, there are times where a business owner prefers negotiating debt settlements with creditors. In that case, we implement a strategy for successfully negotiating small business debt with your small business creditors.
Why Not Bankruptcy?
Whether you should file a small business bankruptcy or negotiate your business debt will depend on several factors. In many cases, the driving factor for negotiating the debt is that you want to keep that particular business running because it is generating income. You may also own a business which has a recognizable brand name which has value going forward. Negotiating the debts of the business allows you to preserve your brand, whereas filing a small business bankruptcy will typically involve dissolving the LLC or business entity and starting over with a new business name.
What To Expect
Creditors are usually willing to negotiate a debt with you. Keep in mind the creditor is incentivized to do so when you build your case for debt settlement with them. You can expect a creditor to inquire about your financial status. Our firm will help establish your financial picture with each creditor, and impress upon the creditor that debt settlement is the best option. As a bankruptcy law firm, we can communicate to the creditor with confidence that perhaps the only viable alternative to settling the debt is the filing of a bankruptcy. In most bankruptcy filings, creditors receive nothing, or pennies on the dollar.
Negotiating A Settlement
Our firm takes the lead on negotiations with the creditor. You will remain informed every step of the way. Negotiating small business debt also has urgency to it, and the creditor knows your resources are limited. In most cases, this leads to negotiated settlements that debtors are happy with, and creditors can live with. While creditors ideally desire to receive the negotiated settlement in a lump sum, our firm can work out payment arrangements over a period of months with most creditors, so that the settlement terms better meet your needs.
Speak With A Lawyer Today
Getting started with small business debt settlement is easy. We are happy to discuss further with you how unemployment can affect bankruptcy. You can call us at 704.749.7747 for a free consultation or click HERE to request a phone call. A lawyer will call you today.