Understanding Business Debt Settlement
Business debt settlement is an alternative debt relief strategy for small business owners who prefer to avoid bankruptcy. During the process, our lawyers The business debt settlement process usually involves negotiating with your creditors to either reduce your debt or change the terms of the debt to better suit your financial situation. In order for a business to be eligible for debt settlement, the business owner must provide proof that the company is facing financial hardship. In addition, the business must have some funds available to offer a settlement. If debt reduction is not an option, you lender may be willing to renegotiate the terms of your payment plan on the full balance.
Most lenders have care less for the financial hardship of a businesses and may even hire a debt collector to call at your business and home, write letters and may even issue a lawsuit for payment. There are instances when some lenders may even engage in unlawful collection activities in order to obtain payment. If you in business debt settlement negotiations, lenders are strictly prohibited from engaging in debt collection activities. If you are in a debt settlement program and are still receiving correspondences from your lenders, you may be able to claim damages.
What Our Business Debt Lawyer Lawyers Do
During your free consultation, our business debt settlement attorneys will comprehensively analyze your debt, review the contracts that you have with your lenders and recommend debt relief strategies. Upon retaining the services of our firm, we will liaise with creditors on your behalf and try to get the best possible deal for you. Schedule your free consultation by visiting www.zoclaw.com and filling the form. One of our professionals will reach out to you on the number that you provide to find out more about your situation.