When one opens a business they need to be prepared for the expenses that come with it. Some of these expenses are as follows, but not limited to: rent to landlords, suppliers, utilities, service providers, and possibly a bank or private lender. A business owner may find themselves in a difficult situation if their expenses exceed the businesses income. When this happens it is important to make sure that all debts and bills are paid in full or settled for less than what is owed. This process is extremely difficult and can add stress to an already over-stressed business owner. Hiring a debt settlement company is a good option for those who are struggling with business related debt.
Another option that a business owner may consider is bankruptcy. This may seem like the best option at first because it does offer relief from creditors and lets you wipe out your debts, but there is a negative side of bankruptcy that business owners need to be aware of. Bankruptcy destroys your credit (It can drag down your score for up to ten years), may make it harder to borrow again, and is visible to the public.
Business debt settlement is a much more attractive option because it only has the potential to affect your credit score for about half the time that bankruptcy does. With bankruptcy you may be required to give up some of your assets, while with business debt settlement you do not have to.
How We Will Negotiate a Business Debt Settlement On Your Behalf
If you are not able to pay all of your business debts in full, the question becomes: How much less will your creditors settle for? We cannot give an exact answer to that question because it depends on the type of creditor, the legal details of the debt, and the attitude of the creditor. Here at CuraDebt we will negotiate with your creditors on your behalf. Our goal is to get you a settlement for lower than what you owe. Whatever the amount or type of debt that you owe, it is not going away. We will need to negotiate a debt settlement with each creditor to have your debt paid or forgiven.
How Can We Help You Settle Your Business Debts?
- We set you up with a Special Purpose Savings Account
At CuraDebt we work directly with the creditors to negotiate your business debt for less than what you owe. Instead of making individual payments each month to your creditors, we tailor a plan for you to set aside a smaller portion of those funds to be placed in an account to save money over time so that we can negotiate settlements on your behalf with your creditors in an effort to eliminate your debt much faster than simply making minimum payments. The monthly payment is all inclusive, so the monthly set aside is used to pay the future settlements with your creditors as well as us. And we don’t earn our fee until we negotiate a settlement that you approve and at least one payment is made by you towards that settlement.
- We contact your creditors on your behalf
We contact your creditors on your behalf and work on negotiating an affordable settlement. You will not have to deal with the creditors on your own. We are able to settle your business debts with both, secured creditors and unsecured creditors.
If your business has closed, are you responsible for paying off its debts?
YES! Although your business has closed permanently, you, the business owner, are still responsible for paying off the businesses debts. The good news is that once a business closes, the creditors are well aware that they will have a hard time collecting the businesses debts. With the assistance of CuraDebt, a professional debt settlement company, they may agree to settle at a fraction of what you owe.
Settle Your Business Debt With Professional Help
At CuraDebt, we are committed to alleviating your business debts.