Posted on
July 20, 2009
at
5:43 am
Seeking help for small business debt here. We own a small computer repair store and have fallen behind on our company's credit cards. All in all they amount to $28,000. What alternatives do you suggest we take?
Posted on
July 20, 2009
at
5:53 am
Though bankruptcy may seem to be a viable option for circumstances such as these, I personally would advise you against filing for it--bankruptcy has long-term effects on your credit report and besides, you still have options in order to get out of debt. You may choose to consolidate your debt, instead.
Posted on
July 20, 2009
at
6:19 am
How can I consolidate my debt? I hope I can get the interest rate lowered. Having a hard time paying that.
Posted on
July 20, 2009
at
6:51 am
In my understanding one can avail for a debt management program in the circumstance that they are having difficulty paying for interest and want it to be lowered. In a debt mgt prog customers can pay one payment to the creditors at a lower interest rate and just make minimal payments each month. In your case i believe that would work for you.
Posted on
July 20, 2009
at
7:19 am
The government has granted a loan program for small business owners in debt, and more information on that can be found here: http://www.sba.gov/recovery/arcloanprogram/index.html
Posted on
August 10, 2009
at
4:33 am
Small business debt help...Although large companies use "reorganization" more often--I think small businesses can also benefit from it. It's all about what they call "trimming the fat." It means that the business has to cut down on several major things until it's down to its basic necessities.
Posted on
August 10, 2009
at
4:37 am
Is there a bail out plan (debt help) for small businesses from the government, just like there is for big businesses?
Posted on
August 10, 2009
at
4:42 am
Unfortunately the government does not have any help to extend to small businesses that are in debt. Some congressmen are lobbying for tax breaks though, as they would put money back into the business and employee's pocket. That's about it.
Posted on
August 10, 2009
at
4:46 am
You can also try enrolling in a debt settlement program. Your debt amount would qualify as it is over $10,000...the question is, have you already fallen behind on your payments are about to fall behind?If you wish to consult with a debt expert personally, do fill out a form here at destroydebt.com, and avail of the free initial debt counseling.
Posted on
August 17, 2009
at
2:07 am
Small business debt help:Okay for businesses that have unsecured debts, there are two debt relief options that could save them from filing bankruptcy, depending on the amount of debt, the consumer can try:1) Credit Counseling. For debt amounting to below $7,500.2) Debt Settlement. For debt amounting to $10,000 and above. The consumer would have to be past due though to qualify for this program.
