Fewer things are more heartbreaking than watching your small business sink into the red after all the time, hard work, and sacrifices you put into your company.
The good news is that not all hope has to be lost. At PCS Debt Relief, we urge our clients to seek out all alternatives before throwing in the towel.
Why you shouldn’t file for bankruptcy right away
Before looking up local bankruptcy attorneys, know that the person you hire may not necessarily have your best interest in mind. That’s not to say that all bankruptcy attorneys operate this way, but for the most part, their job is to sell you on their bankruptcy programs (and associated fees). Not only will you potentially be paying to be enrolled in their bankruptcy program but you’ll also be shelling out funds for legal consultations.
Additionally, you need to think about how filing for bankruptcy can negatively impact you in the long run. Your credit score will take a hit and lenders may reject you for a loan in the future because of your financial history.
The good news is that bankruptcy isn’t your only option. Unlike bankruptcy attorneys, our end goal is to put you back on financial track by providing the right business-friendly solutions to suit clients’ needs. Here are a couple of bankruptcy alternatives you may be able to take advantage of:
1. Small business debt restructuring – This debt relief option allows business owners to reduce or negotiate the amount of debts owed. Through lower interest rates, you can default your existing debt.
2. Debt consolidation – This gives you the option to refinance your debt into one single loan.
3. Debt settlement – This option gives business owners the opportunity to negotiate their debt into one lump sum, which will usually end up being lower than the amount of money they owed in the first place.
Reasons why bankruptcy may be the right decision for you
Every situation is unique and in your case, it may be that bankruptcy is indeed the move you need to make. If your small business’s cash flow will be problematic in the long-term, your business is putting your personal assets at risk, and if the above debt relief options will not work for you, these are all reasons to look into filing a bankruptcy claim. Our PCS Debt Relief advisors promise to explore all possible options with you before referring you to a bankruptcy attorney for further assistance.
At PCS, our programs are tailored to the client’s specific financial needs. What sets us apart from our competitors is that clients see relief, before any payment is received. Our NO UP-FRONT FEE policy ensures our client’s a 100% satisfaction guarantee. We also do not charge any monthly fees or any cancellation fees. We want the client to feel comfortable during the whole process that’s why we allow them to be part of it every step of the way.