Debt Relief to Save Your Small Business
The backbone of Connecticut's economy is the small business just like yours. Unfortunately, with the proliferation of easy access to consumer debt, many small businesses fail as a result of increased debt burdens that negatively affect the profitability of the business and the personal debt load of small business owners.
Symptoms of Business Financial Problems:
- Inability to reduce debt obligations
- Inability to service debt obligations, resulting in late fees
- Increasing time spent on dealing with creditor issues
- Phone calls from creditors
- Using personal credit to put money into your business
- Late payments and default on household bills
- Loss of motivation and financial troubles at home
Serving clients from several office locations throughout Connecticut, The Law Offices of Neil Crane, LLC, is dedicated to assisting Connecticut small business owners who confront personal and business debt problems and need to obtain solid professional advice on debt relief in order to save their small business and personal finances.
Small businesses have become significantly beholden to high interest consumer debt issuers like credit card companies and personal signature loans. Unlike prior years when small businesses derived most of their capital from local banks at reasonable commercial rates, the average small business today is capitalized by high interest institutional lenders like credit card companies and big banks. These types of lenders pay little attention to providing small businesses with the right types of debt that properly fit the needs and resources of a small business.
As a consequence, it's easy for small businesses to get access to the wrong types of credit and then falter under the weight of insurmountable monthly payments. This overburdening debt can make even the best of small businesses go bad — and when it goes bad in your small business, it plays out badly at home. The good news is that these types of debts are very negotiable.
What Happens at Work Plays Out at Home for Small Business Owners
Many Connecticut small business owners find themselves faltering under the weight of lines of credit/second mortgages that jeopardize their homes in an effort to support their small businesses. Accountants will tell their clients never to use their homes or credit cards to support their small business needs. That may be good advice now, but it may take an experienced small business bankruptcy lawyer to resolve the problems that have already occurred in order to find a solution that works to reduce or eliminate the debt burdens of your small business.
Mistakes can happen easily. Solutions require experienced legal counsel with the knowledge and commitment to save you and your family from past mistakes/misjudgments. Even the best small business and the smartest of business ideas can falter under overwhelming debt and monthly payments. In today's economy, businesses need to be "lean and mean" to compete and succeed. Overburdening debt can leave a business unable to compete and prosper.
The Good News for Small Businesses Facing Debt Problems:
- Small business debt is often unsecured.
- Small business debt is very negotiable.
- Tough economic times make small business creditors even more negotiable.
- Most small businesses are built on the reputation and expertise/knowledge of owners and key employees. No creditors can take who you know or what you know.
- Solving small business problems gives owners a second chance and the knowledge to forever avoid similar mistakes in the future.
Small Business Reorganization Strategies
As experienced Bridgeport small business bankruptcy lawyers, we can advise you of the multitude of debt relief strategies available to small business owners, explain the advantages of each option and guide you through the implementation of these debt relief solutions. Each strategy offers unique benefits for small business owners, such as:
- Out-of-court solutions: Allows for modifications, reduction of overall debt, and debt service without use of a court
- Court reorganizations/Chapter 11 bankruptcy: Court protection from past bills, and monthly payments allow for modification or elimination of secured and unsecured tax debt
- Small business Chapter 11 bankruptcy: Fast, affordable, allows you to keep your assets, allows special treatment for important vendors
Personal Solutions That Save the Business
Given the connection between personal signatures and business debt, resolving personal debt problems can often solve business problems. Modern day financing reliance on personal preapproved debt to capitalize businesses has left experienced legal practitioners with a multitude of great options for solving small business problems linked to personal signature consumer debt. Never have more alternatives, options or opportunities been available to borrowers with experienced counsel. The combination of consumer debt and low values has made great opportunities available now with recoveries and future appreciation in values belonging solely to the small business and its owners.
Connecticut Chapter 11 Reorganization Lawyers With the Experience to Help Small Business Owners Obtain Debt Relief
Connecticut is a state of hardworking small business owners who work tirelessly to make their businesses a success. But sometimes even more working hours won't solve the problem. We can help. We've assisted and reorganized hundreds of Connecticut small businesses just like yours, providing debt relief, allowing struggling businesses to return to profitability and thrive in a way that protects the jobs of employees and the lives and assets of small business owners throughout Connecticut.
Contact Our Bridgeport Small Business Bankruptcy Attorneys
Call us and ask for references. We've got years of experience successfully helping small businesses who faced the same problems you face today, who can tell you how our knowledge and commitment worked to solve the problems they just couldn't resolve on their own. Contact our Connecticut Chapter 11 reorganization attorneys to arrange a free consultation. Please do not hesitate to call us today at 888-249-3027 or toll-free at 1-800-616-DEBT. Because of our commitment to you, our law firm does not use voice mail; you will always speak to a live person when you call.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.