A recent question from Fox Business asks, “What is the best path to resolving debts from a failed business”: debt settlement or bankruptcy. Many business owners take out business loans that are personally guaranteed against their personal assets. In the event the business is not successful, business owners must still repay these debts.
https://www.foxbusiness.com/personal-finance/2013/07/22/repayment-settlement-bankruptcy-facing-debt-from-failed-business/
An attorney from the article recommends debt settlement over bankruptcy. Bankruptcy can have many long term negative effects that prevent a business person from taking out future loans for upcoming business ventures. In addition, a business person’s credit score is more negatively affected by a bankruptcy than a debt settlement.
However she adds debt settlement is a process best accomplished by a qualified professional. Debt settlement performed by an experienced debt settlement law firm is the best option. A qualified debt settlement attorney can simultaneously defend possible lawsuits from creditors as well as settle debts for large reductions in the principal balance owed. If you are a business owner that has been stuck with the debt of a prior business venture, contact a qualified debt settlement attorney and get out of debt and on your way to profitable business ventures.