Business Debt Settlement Lawyers
Small businesses are essential to maintaining the national economy. There are more than 25 million small businesses in the US today that employ over half of all private sector workers as well as account for 80% of the country’s job creation overall.
Since small businesses endeavor to be successful, they often find themselves incurring debt. 75% of startup capital is obtained from unsecured loans like credit cards, bank loans and lines of credit. Approximately 70% of new small businesses survive at least 2 years, only half survive the first five years and just a quarter survive 15 years or more.
In many cases, things swindle out of control and impact the success of a business. The attorneys at Shipkevich PLLC understand this and have helped may entrepreneurs find their feet and out of business debt challenges through business debt settlement.
How the attorneys at ZocLaw.com can assist you?
A business debt lawyer can assist in successfully guiding your business through commercial loan default
Usually, commercial loans are for a large amount of money, and often only approved after a lot of time and effort on the part of the commercial lender or borrower. Thereafter, there are strict guidelines that borrowers have to comply with, and are usually secured with the asset purchased as collateral for the loan.
However, for some businesses it is near impossible with their current financial situation to repay their commercial debt or even make minimum installment payments. This may lead to serious consequences for the business and its owners, as a commercial loan default often results in foreclosure proceedings on the property of the business.
A business debt lawyer can help with business debt settlement. The business debt lawyer will negotiate directly with the creditor on your behalf, and may be able to negotiate large reductions in principal and interest so that the loan can be settled in one lump sum that is far less than the original balance.
The attorney may also be able to assist with SBA loans. Struggling businesses are helped through these settlements by freeing up some cash that can save the business or permit the owners to move on with their lives.
In order to start a business, many people are, as opposed to pulling from savings, taking out small business loans, often through the Small Business Administration (SBA).
Although, it’s perfectly fine to take out a loan to fund the initial start-up costs or ongoing operating expenses, the first few years operating a business are often unpredictable. Even for experienced business owners, the recent economic climate has made small businesses even more unpredictable.
Financial freedom may be achieved by eradicating small business debt. A business debt lawyer may be able to assist to negotiate for large reductions in small business debt, including large reductions in principal.
The business debt lawyer negotiates with your creditors to lower the balance of your debt. You will be in a better position if you are are represented by a licensed business debt lawyer. Creditors are more likely to cooperate with an attorney and will likely give you a better deal if you are represented.