Symptoms of Business Financial Problems
Business problems usually begin small. In many cases, the first symptom of business financial problems is increased borrowings from consumer credit cards, business credit cards, credit lines and other forms of business and personal borrowing. Ultimately, these practices lead to unmanageable monthly payments. Often you will experience a serious downturn in any ability to take home a personal paycheck, as business expenses exceed business income.
All small-business owners know the feeling of being the last to be paid, and sometimes this means no pay at all. The result of this cycle is personal debt, decreased house equity, pension liquidation and other permanent problems that are avoidable with the assistance of experienced attorneys who know the special problems faced by small businesses.
We understand the symptoms of small-business problems and have developed proven solutions for thousands of small-business owners throughout Connecticut since 1983.
If you are beginning to face overwhelming debt problems or beginning to notice any of the following symptoms, our experienced Connecticut lawyers at The Law Offices of Neil Crane, LLC, can help you evaluate and plan for a solid financial future.
Contact us today to schedule a free initial consultation. We take the time to discuss your full financial situation, understand your objectives and work diligently toward resolution. Our attorneys serve clients at offices across the state, including Hamden, Bridgeport, Waterbury, Rocky Hill and Ridgefield.
Symptoms of Business Financial Problems:
- Borrowing from high-interest personal and business credit cards
- Inability to reduce debt obligations
- Inability to service debt obligations, resulting in late fees
- Increasing time spent dealing with creditor issues
- Phone calls from creditors
- Using personal credit lines and your house or pension to put money into your business
- Late payments and default on household bills
Increasing debt burden is one of the leading reasons that small businesses fail. Profitability disappears slowly, revenues begin to diminish and business owners take on more and more debt in an attempt to save the business through credit burdens they hope to pay off shortly. This debt service reduces profits, and when profits do not return, the debt load quickly becomes overwhelming.
With experienced counsel, the most overwhelming business problems can be solved on the business and personal level without any loss of assets or business interruption.
Rather than waiting until it is too late by allowing high-interest debt to ruin your business, seek experienced counsel from knowledgeable bankruptcy attorneys. You have a multitude of options to improve your business by reducing debt service outside of bankruptcy, in Chapter 11 small-business bankruptcy and even in filing personal bankruptcy through Chapter 7 or Chapter 13.
Contact The Law Offices of Neil Crane, LLC
We offer a free initial consultation. Don't wait for symptoms to become uncontrollable illness. Call us today at 203-230-2233 or toll free at 888-249-3027, or complete our online contact form. When you call us, you will always speak to an attorney. We do not use voicemail. We are committed to providing excellent service, legal protection and the antidote for business financial problems.
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We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.