Business and Commercial Debt Relief Strategies
When businesses are struggling to cover their operating costs, there are various options for commercial debt relief that may be able to help them reign in snowballing debt.
While the best debt relief options for a business will depend on the amount and type of debt in question (as well as some other factors), in general, possibilities for resolving commercial debt can include (but are not limited to):
- Commercial debt settlement – This typically involves negotiating lower payments on outstanding debt with creditors. In some cases, commercial debt settlement can involve paying off a percentage of the debt within 30 days to bring the account up to date.Alternately, it may be possible to negotiate lower interest rates, the discharge of collections fees or other fees or payment plans that can get the outstanding debt paid off within a specific time frame.
- Commercial debt consolidation – With this commercial debt relief option, businesses can consolidate all of their outstanding debt into a single or minimal monthly payments, with the overall debt potentially being lower. This can be a good option when businesses have a number of different creditors (such as vendors, suppliers, banks, etc.) as long as businesses can safely project being able to make future debt payments.
- Debt restructuring – This can involve a combination of debt settlements and negotiations with creditors in an effort to set up a repayment plan that will meet the financial abilities of a business while satisfying the demands of creditors.While this commercial debt relief option can be effective at reducing the overall amount of debt that businesses owe, it can also help preserve relationships between a business and its creditors (particularly when those creditors are vendors, suppliers or others whom the business depends on to continue running day-to-day operations).
- Business bankruptcy – In some cases, filing for business bankruptcy may be the best option for a commercial enterprise. With this debt relief option, businesses may file for Chapter 11, Chapter 7 or Chapter 13 bankruptcy, depending on the amount of debt owed, as well as the goals for the business (namely whether the business will continue to operate or will be dissolved as part of the bankruptcy proceeding).Business bankruptcies can be complex, especially for larger and/or franchised operations; however, with the proper pre-bankruptcy planning and the help of an experienced business bankruptcy attorney, these entities – as well as the people who own them – can get through their financial issues as favorably and efficiently as possible.
Experience You Can Trust: The Denver Bankruptcy Lawyer at Lindquist-Kleissler & Company, LLC
If your business is buried in debt or is facing any type of serious financial crisis, Denver Bankruptcy Lawyer Arthur Lindquist-Kleissler is ready to help you figure out the best options for resolving your business’ financial challenges.
For more than 34 years, Mr. Lindquist-Kleissler and the other legal professionals at Lindquist-Kleissler & Company, LLC have been providing businesses with the highest quality of legal services when it comes to debt relief and bankruptcy (including civil litigation matters associated with bankruptcy). Regardless of the complexity of a case or the size of a business, Mr. Lindquist-Kleissler can always be trusted to:
- Bring a fresh perspective to each case and explore non-traditional options for commercial debt relief
- Provide his clients with personalized attention and tailor his services to their specific needs and unique situations
- Maximize utilization of Colorado Bankruptcy Law to effectively guide his clients through bankruptcy (when business bankruptcy is the best debt relief option)
- Help them achieve the best possible resolutions to their cases.
Let’s Discuss Debt Relief Options for Your Business
If you are ready to discuss commercial debt relief options for your business, you can set up a free 30-minute consult with Mr. Lindquist-Kleissler by calling (303) 691-9774 or by emailing the firm using the form on this page. You will pay nothing up front to obtain trusted, professional advice regarding your case and debt relief options.
From our office in Denver, Arthur Lindquist-Kleissler represents clients throughout the Great Denver Metropolitan area and Colorado, including (but not limited to) Aurora and Arapahoe County.