Business Debt Relief: What Actions Should You Take?
Business Debt Reduction Explained
An overwhelming amount of debt can have its toll on a business. Even successful businesses can find themselves in debt because of payroll, taxes, rent, utilities, and other expenses. Seeking business debt reduction is often a top priority for some businesses. If the debt is not dealt with, a business can fail very quickly. If a business does not seek debt reduction, they may find themselves filing for bankruptcy which brings more problems. Some tend to believe that bankruptcy is a protective measure against monetary loss, but recent laws have added to the difficulty of filing for bankruptcy. The Bankruptcy Abuse and Prevention and Consumer Protection Act of 2005 has made it more difficult for business owners seeking to file Chapter 11 bankruptcy and Chapter 7 bankruptcy. The paperwork is twice the amount it was before and the costs are high. Business debt reduction can help businesses avoid bankruptcy and stay in operation.
Why Not Bankruptcy?
If a business chooses to go forward with a bankruptcy instead of seeking debt reduction, it should be aware that besides the added difficulties with the most recent laws, the courts will appoint a trustee to look after the financial affairs of the business. The business owner will no longer have a say in his or her businesses finances. This process takes the owner totally out of the picture. Business debt reduction works to keep the owner in charge and the courts out of the affairs of the company. Business debt reduction is the best solution for a business owner with multiple debts. Through debt reduction services, business owners have the opportunity to find a way to pay off creditors while keeping their business running. Business debt reduction services are proven to work and are a great alternative to bankruptcy.
The bankruptcy options available for businesses are Chapter 7, Chapter 11, Chapter 12 and Chapter 13. In the long-term, each type of bankruptcy affects the business in multiple ways playing an important role in different aspects such as the ability to get credit. No matter what type of bankruptcy is being filed, it will leave a mark on your credit score. If Chapter 7 is being filed, this will show on your credit report for the following 10 years. If Chapter 11 is filed, it will show on the report for the following 7 years. A previous bankruptcy also affects the owner’s ability to open a new business in the future. The fact that you filed for bankruptcy will show on your credit report which can be verified by the license office, so there is no way of concealing this fact. Bankruptcy is not private, any one in the public can find out if a person or business has filed bankruptcy.
Why Should You Consider CuraDebt?
CuraDebt Business is here to assist business owners with debt reduction. We have a professional staff that will investigate a business owner’s debts, understand his or her unique needs, and find the best business debt reduction possible. Through its Debt Resolution Plan, CuraDebt Business can act as a barrier between the business owner and creditors. We deal with the long phone calls, emails, faxes and letters from creditors so that our clients never need to communicate with the creditors again on their own. With us, businesses can reach a debt settlement and get out of debt faster.
Contact us today for your free consultation. 1-877-504-0981