A slow economy and mounting debts doesn't mean a company should rush to close its doors. There is help out there for small companies struggling with debt.
Credit Counseling
If your company's finances are unsteady, credit counseling is an option that can help get monies spent back on tract. Through this channel, a certified counselor will review your company's finances and give advice on balancing the books.
Consolidation
Debt consolidation is an attractive means to dissolve debt for small companies. Counselors work to decrease fees and get interest rates lowered while debts are combined into one lower, monthly bill. The U.S. Small Business Administration as well as many nonprofit companies offer this service.
Debt Settlement
If you have cash on hand you can try and negotiate down your debts by working with your creditors. Alternatively, you can employ a debt settlement company to carry out the negotiations for you.
Bankruptcy
Chapter 11 bankruptcy is a last resort that can be a way to keep your business running while making more affordable payments to your creditors. Speak with an attorney to determine if this is the best option for your company.
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