How to Avoid Business Insolvency

Posted By Law Office of Simon Goldenberg, PLLC || 1-Aug-2017

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.

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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.

  • Avoid Unnecessary Costs

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.

  • Make a Financial Plan

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.

  • Notify 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.

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