Small Business Debt Relief Without Bankruptcy | McCarthy Law PLC
October 23, 2014

Small Business Debt Relief Without Bankruptcy

Get Business Debt Relief through Attorney Negotiated Debt Settlement

Starting a new business requires an initial investment of capital. In recent years, rather than pulling from savings, people are taking out small business loans often through the Small Business Administration (SBA). While there is certainly nothing wrong with taking out a loan to fund the initial start-up costs or ongoing operating expenses, the first couple of years operating a business are often unpredictable.  And recent economic conditions have made small businesses even more unpredictable, even for experienced business owners.

Accumulating debt in the beginning can be fatal for a small business. And falling too far into debt can accrue insurmountable interest. Instead of letting your debt destroy your small business or declaring bankruptcy, let the lawyers at McCarthy Law guide you through the debt settlement process.

You want to avoid bankruptcy, if at all possible. Declaring bankruptcy destroys your credit and will make it very difficult to get a business loan in the future. The good news is there are several other small business debt relief options that can free you from debt and keep your small business running.

Let McCarthy Law Eliminate Your Debt

Eliminating small business debt is the key to financial freedom. The lawyers at McCarthy Law negotiate for large reductions in small business debt, including large reductions in principal. By negotiating down the debt to a manageable amount, we help clients settle and eliminate the debt in as few as 6 to 36 months, without the need for bankruptcy.

You need to make sure you have an experienced professional’s help with this process. Many debt relief companies claim that they can rid you of your debt, but are unable to follow through. Having a licensed attorney on your side ensures that you will get the best deal possible and you will not be taken advantage of by creditors. Attorneys are obligated to keep your dealings confidential. This is important when dealing with small business debt because you do not want rumors of debt problems ruining your company’s reputation.

An Attorney Negotiated Business Debt Settlement Can Help you Move Forward

This process involves working with your creditors to negotiate a lower balance of the debt. You will be much better off if you are represented by a licensed attorney in this process. Creditors are more willing to work with attorneys and will likely give you a better deal if you are represented. Also, attorneys are familiar with laws regarding what a creditor can and cannot do when trying to collect a debt. This means that your creditors will be more likely to respect your rights and treat you fairly if you’re represented by an attorney. More importantly, we send a letter to your creditors instructing them to stop contacting you and direct all communications to us instead.

No small business owner wants to file bankruptcy. A Chapter 13 bankruptcy can take 5 years to complete, and you still end up paying back most of the debt. Let the attorneys at McCarthy Law walk you through your options in a free consultation.

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