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United Settlement » Page » Business Bankruptcy Alternatives

Business Bankruptcy Alternatives

May 31, 2017
alternatives-guides

Business Bankruptcy Alternatives Guide

If you are contemplating bankruptcy for your business think again, there may be better options. Why do you want to consider alternatives? Because the process and effect of bankruptcy is not good. In fact, only 10% of business that operate under Chapter 11 bankruptcy (restructuring) recover.

Chapter 7 bankruptcy (liquidation) is less desirable and should be a last case scenario. Bankruptcy is very stressful either way. If you are considering Chapter 7 (restructuring) the stress usually gets carried to everyone in the company including the employees. The question of “are we staying in business? Often arises. If you are leaning towards Chapter 11 (restructuring) the risk of losing everything will be on your mind.

Disadvantages of Bankruptcy:

  • Declaring bankruptcy will make it harder to do business in the future.
  • Fees associated with declaring bankruptcy are expensive.
  • Loss of control in your business.
  • Time consuming and involves a lot of paperwork.
  • Very Stressful.

Debt Restructuring / Settlement

Debt restructuring/settlement can be a great alternative to bankruptcy. Debt management firms work on negotiations with the creditors on your behalf. We work out an affordable plan that can help your business survive. Often small businesses have ups and downs, we help you move through your downs to your ups. Once we have an affordable plan you agree too we begin negotiations. Our experience and creditor relations helps us get settlements and debt restructures quickly.

Business Bankruptcy Alternatives

Cash Infusion

At this point you probably tried to get loans everywhere else, even ones that may have got you here in the first place. Another way to get cash is selling equity or assets. Have you considered selling shares in your business? Selling equity in your business may reduce your stake but will be much better than declaring bankruptcy. Do you have assets such as: Inventory? Real Estate? Accounts Receivable? Often there are special finance firms that give loans specifically for those items.

Advisory / Consulting Services

Consultants can be costly but also can be worth it as an alternative to declaring bankruptcy. They will attempt to solve your financial troubles with a workout plan limited to the creativity of the consultants you hire. They will often take some of the stress from you, but will also be on top of you making sure they are provided the correct information regarding the debts and balances.

In Conclusion: Can the Business Survive?

Prior to approaching any alternatives ask yourself, can this business survive? If the answer is yes workout a plan and timeline. If you believe your business can survive fight for it, don’t give up. Speak to debt experts and debt settlement / management firms. Explore all options, because once you declare bankruptcy the odds are against your survival.

Related to: Business Debt Alternatives

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    Annette Huggins

    March 14

    That when it seems like nobody can help United will.

    This was a great experience for me. I am just starting but Madelene Gallon made me feel like we were friends for years. She tried to make me feel that she would help me and make sure I got the best deal...

    Kiirstin

    March 01

    Kind and caring

    Had been searching for a while for a company I could trust to get me out of crippling debt. Really didn’t think it was possible. Spoke to Ben at United Debt and he assured me that not only was it possible,...

    Kiirstin

    March 01

    Kind and caring

    Had been searching for a while for a company I could trust to get me out of crippling debt. Really didn’t think it was possible. Spoke to Ben at United Debt and he assured me that not only was it possible,...

    Dylan

    February 28

    Quick, easy assistance!

    I've been working with Ben at United Debt to help me organize and get out of debt for once - I've been dealing with debt for ages and Ben showed me some simple ways to begin dealing with things to keep...

    Takota Carrie

    February 14

    I need help

    I really appreciate

    JONICA Amber PIRON

    December 21

    Great!

    Renika went above and beyond today to help me. She is wonderful to work with! Thank you again Renika for all of your help today! Happy Holidays to you!

    Jayvon

    December 20

    Paying back

    They where great listeners

    Shawn abetha

    December 14

    Everything

    Thanks

    Robert Phillips

    November 23

    Do your home eork

    Paid several thousand dollars and nothing done. Ended up settling 90%by myself. This is a preatory company. So do your homework. This will never post.

    Dm

    November 18

    Customer service is truly helpful

    Renika was so helpful. My account was paid off but I kept receiving notifications. She cleared up the situation.

    Jose Rosa

    November 16

    Great Customer Service

    Renika did a wonderful job handling my questions and transactions. She is very patient on the phone and took care of my needs accordingly.

    Russ

    November 03

    Very helpful

    Renika did a great job in answering all of my questions in a timely manner. She was polite and friendly. Keep her on the payroll.

    Anthony Desoto

    October 31

    What's Important to me is United Settlement Costumer service !

    United Settlement Costumer service is Amazing Everyone is Professional . I am so happy choosing them with my card Debt. thank you all for helping me out .

    Ri cky

    August 23

    That this company has integrity!

    A responsive company that keeps it clients up to date and fully informed. I like the fact that I can send them a text and be guaranteed an answer within 24 hrs.

    Jerry Bolandis

    June 04

    Professional and focused on facts and truth not hype. Excellent. We want to know facts.

    Great work very professional and great updates. Communication is excellent.

    janice head

    October 25

    trust them

    Excellent. Also each time i call there they treat me with respect even though they are probably thinking jerk . You sure have made mess of your life. but they have been taught to smile smile smile. this...

    Scott W O'Neill

    August 01

    Thanks for all your help and negotiations.

    Thanks for the update! I have faith in you guys and will continue my payments. Thanks for all your help and negotiations.

    Cassandra Robinson

    July 30

    That A Settlement Was Entered.

    I Absolutely Love You All At United Settlements. You All Have Saved My Credit Solutions. I Would Refer Everyone To You Services.

    Mildred Yvonne Sherron

    July 16

    The results of the settlement attempts.

    So far, I have found United Settlement more than satisfactory. Very conscientious and very efficient in providing a service in debt settlement. Thank you and all the members of your team who are assisting...

    Diana Cardona

    July 16

    Tough Financial Hard Times During Covid-19

    I signed up with United Debt Settlement because of large credit card debts, which had taken a financial toll on my credit. UDS has an outstanding reputation assisting clients like me achieve financial recovery...

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      Clients who stay according to debt relief program can realize approximate savings of 50% before fees, or 25% including fees, over 24 to 48 months. All claims are based on enrolled debts. Not all debts are eligible for enrollment. Not all clients complete our program for reasons such as: their ability to save sufficient funds. Estimates based on prior results, which will vary based on specific circumstances. We do not guarantee that your debts will be lowered by a specific amount or percentage or that you will be debt-free within a specific period. We do not assume consumer and/or business debt, provide tax, bankruptcy, accounting, legal or credit repair services/ advice. Our program is not available in all states. Please contact a tax professional to discuss tax consequences of settlement. Please consult with a bankruptcy attorney for more information on bankruptcy. If you have any additional questions please contact us. NMLS ID: 1947026
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