Posted on
July 30, 2009
at
4:50 am
Where else can consumers get business debt advice when the only option available it seems - is bankruptcy. the bills can no longer be paid and so are the staff. Can the business be saved in spite of it?
Posted on
July 30, 2009
at
4:56 am
Bankruptcy should really be the last option for both business and individual filers. You were asking where else can you get advice on business debt and I can point you to the destroydebt.com forms. You can fill out one of those forms and speak with a debt consultant that could match you up to the right debt relief solution for you. There is no charge. I think business bankruptcy would cost you around $50,000 to file--if you push through with the idea. And that is even if you're just a small business owner.
Posted on
July 30, 2009
at
5:05 am
Are you a start up small business? You may also try to look at the U.S. Government Small Business Administration catalog/site for grants https://www.cfda.gov/ But getting a grant requires for you to write a sound proposal. Whatever you may get may not be much but it would aid you none the less.
Posted on
July 30, 2009
at
5:10 am
You can also try looking into restructuring your debts. Research on different debt restructuring companies in your area. Check the background of each debt relief/restructuring companies that you have singled out via the BBB or Better Business Bureau. See if the debt consultants or counselors from those companies are licensed by the American Board of Certification. To pick a company to help you restructure your debt or avoid bankruptcy..interview several companies and ask questions regarding their past accounts..ask what is the success rate of their past cases.
Posted on
July 30, 2009
at
5:15 am
If it so happens that the creditors try to threaten you with bankruptcy (they can file it against you) try to offer to exchange parts of your debt for creditor equity in your company instead. See if they'd agree but be careful not to give the creditors a majority vote. You wouldn't want them taking over the management and eventually, ownership of your business. If that's going to be the case, might as well file Chapter 11 or 13..
Posted on
August 11, 2009
at
2:43 am
I think one of the best business debt advice that you could get on the threads is have your business financial situation assessed by a debt consultant first-before making any move.It is understandable for you not to disclose your financial situation in public but feel free to do so, privately, with a debt consultant. Fill out one of the forms here at destroydebt.com and get a free assessment.
Posted on
August 11, 2009
at
2:51 am
Just to add to what damon and graham has said - Chapter 7 is actually the more common bankruptcy chapter that small businesses file. In a Chapter 7, assets are liquidated and converted into cash, to satisfy the creditors. After the debts have been discharged, the creditors can no longer go after the business debtor. Remember that bankruptcy should only be an option, if the consumer has already been served a lawsuit or something to that effect. Otherwise, debt negotiation and business reorganization sound like the better business debt advice.
Posted on
August 11, 2009
at
3:00 am
Does the government have a relief plan for small businesses like it has for big businesses?
Posted on
August 11, 2009
at
3:10 am
Unfortunately-there might not be any as small businesses do not post a threat to the unemployment rate, unlike when big businesses close--there would be thousands of unemployed consumers which the government is trying to prevent.There maybe help for small businesses though via the improvement of some tax rules.I don't know if this is the best advice for a small business that's trying to get out of debt--but a balance transfer might help pay off the debt faster because of the lowered interest rate.
Posted on
August 17, 2009
at
1:35 am
Advice on business and debt...I wonder which should go first, -if the consumer does not go the bankruptcy route, restructure or pay down the debts? Or can they be done simultaneously? And I wonder what debt relief option is best for 1) A small business with a few employees2) Self-employment3) Big company
