Your business is faced with overwhelming debt and payments have not been made in months. Creditors are calling you on a regular basis demanding their money. Does this sound familiar? For some companies, business debt restructuring may be an option to consider to avoid bankruptcy.
Business debt restructuring consists of modifying debt terms, making payment arrangements with lenders, vendors or supply companies. The purpose is to avoid bankruptcy, improve cash flow and keep the company in business.
Some business owners have may want to contact each creditor directly for a resolution, while others prefer to use a professional business settlement firm to handle the negotiation 香港債務重組 process. Reputable firms have proper legal forms, experience and the know how to complete a successful business debt settlement. Some firms may have large amounts of negotiated debt they submit to creditors and can pass on the high volume discounts to clients.
Always check to see if the debt restructuring company has a high number of complaints reported to the Better Business Bureau. You may also want to do further research on the company by using internet search engines. Another important point to consider before obtaining a debt settlement is the possibility of taxable income, due to a reduction of debt owed. The American Recovery and Reinvestment Act of 2009 may offer temporary relief. But as always, please consult with a tax advisor and/or legal advisor for your particular situation.
Business debt restructuring can be a viable option for businesses struggling to keep afloat. The present state of the economy has wreaked havoc on thousands of companies across the nation. Business debt restructuring may be an alternative solution to avoid bankruptcy.