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Small Business Debt Relief

Get Business Debt Relief through Attorney Negotiated Debt Settlement

Starting a new California business requires an initial investment of capital. In recent years, rather than pulling from savings, people are taking out small business loans often through the Small Business Administration (SBA). While there is certainly nothing wrong with taking out a loan to fund the initial start-up costs or ongoing operating expenses, the first couple of years operating a business are often unpredictable.  And recent economic conditions have made small businesses even more unpredictable, even for experienced business owners.

Accumulating debt in the beginning can be fatal for a small business. And falling too far into debt can accrue insurmountable interest. Instead of letting your debt destroy your small business or declaring bankruptcy, let the lawyers at McCarthy Law guide you through avoiding bankruptcy with the debt settlement process.

You want to avoid bankruptcy, if at all possible. Declaring bankruptcy destroys your credit and will make it very difficult to get a business loan in the future. The good news is there are several other small business debt relief options that can free you from debt and keep your small business running.

Let McCarthy Law Eliminate Your Debt

Eliminating California small business debt is the key to financial freedom. The lawyers at McCarthy Law negotiate for large reductions in small business debt, including large reductions in principal. By negotiating down the debt to a manageable amount, we help clients settle and eliminate the debt in as few as 6 to 36 months, without the need for bankruptcy.

You need to make sure you have an experienced professional’s help with this process. Many debt relief companies claim that they can rid you of your debt, but are unable to follow through. Having a licensed attorney on your side ensures that you will get the best deal possible and you will not be taken advantage of by creditors. Attorneys are obligated to keep your dealings confidential. This is important when dealing with small business debt because you do not want rumors of debt problems ruining your company’s reputation.

An Attorney Negotiated Business Debt Settlement Can Help you Move Forward

This process involves working with your creditors to negotiate a lower balance of the debt. You will be much better off if you are represented by a licensed attorney in this process. Creditors are more willing to work with attorneys and will likely give you a better deal if you are represented. Also, attorneys are familiar with laws regarding what a creditor can and cannot do when trying to collect a debt. This means that your creditors will be more likely to respect your rights and treat you fairly if you’re represented by an attorney. More importantly, we send a letter to your creditors instructing them to stop contacting you and direct all communications to us instead.

No small business owner wants to file bankruptcy. A California Chapter 13 bankruptcy can take 5 years to complete, and you still end up paying back most of the debt. Let the attorneys at McCarthy Law walk you through your options in a free consultation.

In an SBA loan default, talk to an attorney about an SBA offer in compromise and other debt options.

For the small business owner, an SBA loan default and other debts can be personally and professionally devastating. The bank isn’t concerned, because their SBA-backed loan losses are largely covered by the Small Business Administration.

The business owner is left with questions about how to deal with the SBA loan. In addition, the business owner often has other debts incurred in an attempt to keep the business afloat – credit card debt, home equity loans, loans from friends and family members.

It is important to deal with all debt issues in a thoughtful manner, considering all legal issues and the many details that can derail the best of plans. At McCarthy Law PLC, a lawyer can work with you to deal with small business debts.

  • A lawyer can represent you in making an offer in compromise to the SBA and the bank, determining all the factors involved in determining the lowest acceptable offer.
  • What actions could jeopardize a full release from the bank and the SBA? An attorney experienced with SBA loans can guide you.
  • Our law firm will review the SBA loan and all other accumulated debts related to the business.
  • Would bankruptcy be a better option than an SBA offer in compromise?

An experienced attorney’s advice, representation and negotiations can make a substantial difference in the debt settlement, including the SBA offer in compromise.