Business Debt Resolution - What You Need To Start The Process

Do you own or operate a small to medium-sized business and have business debt concerns

? If so, chances are that you have considered starting some type of business debt resolution. Here are some tips to help you start the process intelligently.

First, be sure that you account for all of your business debts. This means that you know how much you owe to each creditor, the terms of repayment, and how behind you are on payments. In addition, assess what in your business can quickly be turned into cash if needed to resolve the debt. No matter what business you are in, you will need this information to know where your business stands in order to help your business debt be restructured or eliminated.

Next, if you have accurate financial statements and know all of the terms of your credit repayment plans then make sure that there are no additional legal claims. This means any liens against equipment, any lawsuit obligations or settlements, and any other "off the books" situations which could add new layers of debt to your business unexpectedly. You want to account for all of the possible business debt in order to get resolution, restructuring, or partial elimination of it.

Finally, you want to have a professional help you. Unless you are familiar with the mechanics of business debt resolution, and you keep up to date with the latest legal changes, then it is probably best that you outsource this to a qualified professional. Some signs of a good professional are those with trust seals which you can check such as the Better Business Bureau and the local Chamber of Commerce. You also want someone who has a financial stake in your success; and one way this can be determined is if the professional receives no money from you (or any other entity) unless your actual debt gets lowered or eliminated. Referrals from trusted friends and other business owners can be helpful as well; but be sure to ask for specifics in order to make sure that you trust the person handling this possibly highly-emotional process.

Being thorough, having accurate books, and a trusted professional will go a long way toward a successful start to the process. Consider these tips if you hope to have a chance at a successful business debt resolution.

by: Tara Stelluti

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