Running a business is not an easy task. Business owners have their hands full at all times. They have to keep their products competitive, stay on top of today’s financial market and keep the bills paid. Needless to say, the responsibility of keeping a business afloat is overwhelming. Many times a business owner runs into a troublesome situation while trying to maintain all of the responsibilities that it takes to keep a business going, especially the financial responsibilities. If a business owner is not careful, the business can acquire debt at a rapid pace. Commercial debt management is an important service that every business owner should use. Commercial debt management consists of debt counseling, business debt relief, and business debt reduction. Using one of the available commercial debt management services can help a business avoid bankruptcy.
A Few Key Points To Why Businesses Should Avoid Bankruptcy:
- Both your business and personal assets may be sold to clear off your debts. Which means you may lose equipment you need to do business, such as your laptop or your car.
- The bankruptcy will show on your credit report for six years. This period can make it very difficult to get any credit—not just a loan or overdraft, but also any service you’d usually pay for later, such as electricity (your provider may ask that you switch to a pay-as-you-go tariff, which is generally more expensive).
- You may be disqualified from being a member of your professional body, for example, if you’re an accountant or a solicitor. This exclusion can affect your ability to continue doing business.
- You may find it difficult to get a job in specific sectors, especially if the job involves handling money.
- Bankruptcy is public information. Everyone has access to find out if you have filed for bankruptcy.
When the U.S. Congress passed the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, filing for bankruptcy became a much more complicated task. A business owner who was facing bankruptcy in the past had been able to file and receive protection at lowered time and expense. But today, things have changed, and business owners have double the paperwork, more fees, and have to deal with court appointed trustees who vigorously examine the books. Using commercial debt management services can help a business owner avoid bankruptcy. Commercial debt management services are a better option than the negatives of bankruptcy.
When it comes to commercial debt management services, Commercial Debt Counseling is here to help. We have a Debt Resolution Plan that includes many commercial debt management services needed for businesses to avoid bankruptcy and the added stresses that bankruptcy brings. We find the appropriate debt solutions for business owners so that they can get back to running a business that profits. With our commercial debt management services, business owners can have a solution to their financial burdens and continue to manage their business.
Commercial Debt Counseling also handles every aspect of the resolution process for all creditor claims assigned to a business. With Commercial Debt Counseling a business owner never has to worry about dealing with angry creditors on their own again. By using our commercial debt management services, a business owner can find the right solution to resolving their debts and can concentrate on running the business.
Commercial debt management services are the best solution and a great alternative to bankruptcy. With bankruptcy, a business owner may have a bad record for several years, making it difficult to move forward again. Using commercial debt management services through Commercial Debt Counseling is a better way to get out of debt and avoid litigation and high fees. To find out more about our commercial debt management services, give us a call today. 1-877-504-0981