When business slows down or unexpected expenses come up, it can be difficult
to stay on top of your minimum payments on loans and
business cash advances. Unfortunately, the repercussions for missing payments can lead you to
default on your financial obligations, potentially prompting your lender
to take legal action against you. At the Law Office of Simon Goldenberg
PLLC, we are dedicated to helping people the best possible solution to
resolve their particular debt crisus. Whether you situation requires negotiating
a debt reduction, disputing the balance, fighting in court, or even filing
for bankruptcy, count on our debt relief team to provide trustworthy guidance.
Need Relief From Business Debts?
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In order to prevent business insolvency, follow these tips to keep up with
your loan payments.
- Maintain Regular Payments
Make sure you are receiving the income you earn. Invoice your customers
in a timely manner, and follow through if they miss payments or are late.
Also, negotiate regular payments with customers who have long-term contracts
with your company.
Evaluate your situation financial situation, including your staff, investment,
and premises costs. If you must cut back on employees to save your business,
do so with care and evaluate their use versus their pay. Look at what
you are investing in and if it is the wisest decision considering the
short-term and long-term goals of your company. Also, if your rent is
expensive, consider relocating or subletting part of your premises.
Making a firm plan about your company’s financial health, and can
help you pinpoint any problems. By laying your finances in plain view,
you can see the big picture, where you may be able to cut expenses, bring
in more revenue, and so on. Taking a hard look at your finances will also
help you to determine how much you can afford to pay to your lenders,
which will make it easier for you to negotiate with them. If you know
precisely how much you can afford to pay, you can try to negotiate new
payments with your lender.
If you know you will be unable to pay an upcoming debt, notifying your
lender of your financial troubles may open an opportunity to discuss a
modified repayment arragment. By simply skipping payments you may be charged
costly fees and may suffer other penalties. However, discussing deferment
or lower payments with your lender first may help you avoid further issues.
If you are looking to
avoid business insolvency, our firm can help. Avoid further financial blunders that could leave
you under even greater debt and let us help you seek relief from financial
strain. Our experienced
debt lawyers can make negotiations with your lender on your behalf to establish a payment
plan you can comfortably pay.
Contact the Law Office of Simon Goldenberg, PLLC
to request a free evaluation today.