Utilizing credit via credit cards or loans can be beneficial for new or growing businesses, but sometimes businesses can take on too much debt which can cause the business to fail. When a business takes on too much debt there are two options; try to save the business while attempting to settle your outstanding debts, or allow the business to fail, but with an exit strategy that minimizes financial consequences.

Save The Business

  • Cut costs by searching for better prices on supplies and other expenses, curb unnecessary spending, and reduce payroll.

     

  • Contact your creditors and see if a different payment arrangement can be made, or if your credit can be increased. The worst thing you can do is ignore your creditors.

     

  • Chapter 11 Bankruptcy is a last resort if the business’s debt challenges are temporary and the company is otherwise viable. Bankruptcy is expensive and complex, requiring the services of an experienced bankruptcy attorney.

     

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Allow The Business to Fail

  • Sell the business if possible. Dealing with one buyer is usually easier than selling off assets. If your debt is very high, you may not be able to find a buyer.

     

  • Liquidate assets Most creditors will accept settlement for less than a debt’s full amount, because litigation is expensive and forcing you into bankruptcy would mean they will likely receive even less money.

     

  • Chapter 7 bankruptcy  where you turn over the business to the bankruptcy trustee who will sell its assets, handle any outstanding accounts receivable, pay owed taxes, and distribute any remaining funds to creditors.