Student Loan Debt Relief in Illinois
When you started your business, the last thing you expected was to be facing the decision of whether or not to close your doors, but a culmination of unforeseen circumstances lead you to this point. As someone who invested all of your time and effort into the success of your business, it can be difficult to come to grips with the idea that it is failing, not due to a lack of effort, but rather financial issues.
The initial reaction of many business owners is to pursue bankruptcy, but the process is often lengthy and may result in you having to sell all business assets and close down shop. Rather than make a possibly irreversible decision, take the time to consult with an Illinois business debt relief attorney who can make you aware of your debt settlement options.
Sources of Commercial and Small Business Debt
Commercial and small businesses may have different structures and tenure in their market of choice, but both share financial responsibilities. Each entity must meet sales goals, keep their books updated, and plan for the future. When any one of these aspects of business management goes unaddressed, companies run the risk of falling into a rabbit hole of debt. The following are two of the most common causes of commercial and small business debt.
Unrealistic Pricing & Budgeting
A budget is a formal document that foresees expenses, sales, and revenue. Your budget helps guide production, limit overhead costs, and anticipate profits and losses. By projecting unrealistic sales goals, you can easily find yourself in the negative as you improperly price products or services and become tied up in unfavorable loan agreements. Small businesses that lack bookkeepers or an owner with bookkeeping experience often find improper budgeting to be the source of their financial issues.
Poor Debt Management
Businesses, just like individuals, incur debt that requires proper management. Many entities take out loans to afford startup costs while others do so to keep the business running during an unsuccessful period. Such loans require regular monthly payments and, depending on the type of loan, have shockingly high interest rates. Failure to keep up with loans can result in accounts being sent to collections, interrupting business operations.
How an Illinois Business Debt Relief Attorney Can Help
The Illinois debt relief attorneys at Benveniste Law Offices can help mitigate your commercial and small business debt issues. With years of experience assisting individuals and business alike with their financial ailments, we understand the severity of your situation and can relentlessly fight to repair your debt. After a thorough analysis of your finances, we can negotiate with creditors and lenders on your behalf to settle your debt on the most favorable terms. Contact us today for a free case evaluation. You don’t owe us a dime until we win your case.