The key to saving any small business is controlling overwhelming costs for capital and financing. Business debt reduction is the best path to saving your small business. If your business becomes mired in debt service, it quickly loses its competitive edge and will falter without appropriate debt solutions for the long term.
Small businesses throughout Connecticut are struggling weekly to pay bills and maintain profitability. The widespread absence of affordable business loans coupled with easy access to high interest personal and credit card loans has created a decade of Connecticut businesses burdened with overwhelmingly high interest debt. These high interest “business” loans often come in the form of rescue loans that allow for an “easy” injection of quick money at astronomical rates.
SMALL BUSINESS BANKRUPTCY LAWYER
Small businesses have become significantly beholden to high interest consumer debt issuers like credit card companies. and personal signature loans, and a new era of business rescue 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 private high interest lending companies. These types of lenders pay little attention to providing small businesses with affordable loans 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.
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 away 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 small business reorganization lawyers, we can advise you of the multitude of debt relief strategies available to small business owners. We can 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 debt relief negotiation and solutions
- Chapter 7 personal debt relief
- Chapter 11 business reorganizations
- Small business Chapter 11 bankruptcies
- Chapter 13 personal debt reorganization
- Other debt solutions
Learn more about how our attorneys can help you obtain the debt relief necessary to save your small business from insolvency.
Personal Debt 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’s reliance on personal pre-approved 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 and high-interest business rescue debt. Never have more alternatives, options or opportunities been available to business owners with the assistance of experienced turnaround counsel. The legal options for consumer debt reduction has provided experienced legal counsel with a wide variety of options to benefit small business and their owners.
Save Your Small Business: Start by Calling
At the Law Offices of Neil Crane, LLC, representing small to mid-sized businesses through all types of small business turn-arounds has been a primary focus of our law practice since the firm’s inception in 1983. Throughout this time, we have built a reputation for full service, personalized business solutions.
We understand that the financial problems of many small businesses have a personal component, and that finding successful debt relief solutions means being able to solve both personal and business challenges. With extensive experience in small business debt relief, our Connecticut attorneys know that successful resolution depends on solving the entire picture.
Contact Our Small Business Bankruptcy Lawyers in Connecticut
No matter how your business is structured, whether you have organized as an Inc., d.b.a. LLP or an LLC, Chapter 11 bankruptcy may be a solution for you. Get started by calling us for a free consultation. Call us today at 203-230-2233, or complete our online contact form to discuss your questions and concerns with an experienced attorney.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.