Small Business Debt Relief

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 During the past several years, small businesses have taken a beating.  Many privately owned restaurants, lawn care providers, general contractors, and other professional businesses have been forced to close, either temporarily, or permanently. Some businesses are still open but losing ground.   At Bruce W White, P.C. we can help the business owner make the decision whether to move forward with the business or close it down.   We will discuss options on how to keep the business open and return it to a successful business, or to close the business permanently and how to clear the business debts through bankruptcy.  We will discuss how to terminate the business with the State Corporation Commission, and explain the consequences of such actions.

Unfortunately, closing the business does not solve the financial problem of the owner, as the guaranteed or borrowed debt could still remain with the business owner.   Attorney Bruce W White will take the time to review the owner's financial situation to determine the right course of action.   Those options include bankruptcy, debt consolidation, or debt settlement negotiation.   If you are in debt because of a failed or failing business, call Bruce W White, P.C. to discuss the best course of action to allow you to recover and get a fresh start.

Balancing your debt correctly as a small business can mean the difference between merely surviving and thriving.  Reports from the Small Business Association conclude that nearly 50% of all small businesses fail due to a lack of capital, bad credit arrangements, and having too much debt.

When a company takes out a loan, and subsequently earns a return on the borrowed funds, it is good for both the creditor and the company. However, even if the borrowed money does not result in increased income, the business still has to make the loan payments, which can put some business owners in a bind. When your business' loan payments become too much to handle, legal assistance may be your best course of action. Call to speak with us today to see what options you and your business have.  Should you find yourself in need of debt relief, a small business has the following options available to it:

• Make Arrangements with Your Creditors - Restructuring loan details with your creditors may not always be an option, however if you discuss the situation with your creditors, they may extend your due date or provide you with additional repayment options that could allow you to continue doing business.
• Get a Small Business Debt Consolidation Loan - Consolidation loans can be valuable for any small business that is overwhelmed by too much debt. If your business qualifies for a small business debt consolidation loan you may be able to reduce your interest rates and roll all of your monthly debt into one more manageable monthly payment.
• Bankruptcy - Filing bankruptcy for a business is complicated. You should contact our office and schedule an appointment with our attorney if you are considering taking this step or if you just simply wish to discuss the ramifications of bankruptcy.
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Bruce W. White, P.C., has over 30 years of experience helping small business owners succeed.  Contact us today for a free, no-obligation phone consultation.