A company’s debt solutions should be based on its unique business model. For instance, a company that sells software might have a different set of debt solutions than one that markets medical equipment. Despite the differences, there are several common options for companies that need help paying their debts.
A reorganization is an excellent debt solution for businesses that can’t afford to pay their debts in a reasonable time frame. It can allow the business to continue operating without a disruption from creditors while protecting the assets from being subjected to forced liquidation valuations or expectations of a return on investment. It can also reduce personal guaranties to affordable losses while making systemic changes that will improve the business paradigm and operations.
Debt consolidation is a way of paying off multiple debts through debt solutions for companies a single monthly payment that’s negotiated with your creditors. This can be an effective option for those struggling to make payments on their credit card debts or loans, although it’s important to understand that this will negatively affect your credit score. It’s also a good idea to speak with a financial advisor before choosing this option.
Some states have laws against recommending debt relief companies, so it’s important to research the company before signing up. CNBC Select researched more than a dozen of the top debt relief companies and found that New Era Debt Solutions has slightly lower fees than the others we reviewed and is highly rated for customer satisfaction by the Better Business Bureau.
Another company with a great reputation for customer service is Pacific Debt Relief, which doesn’t charge upfront fees and offers budget-friendly monthly payments. They also have a robust client dashboard where you can easily add debts, monitor progress, and manage deposits. They can help you with unsecured debts, including student loan debt, payday loans, credit card debt and more. Lastly, CuraDebt is another well-respected debt relief company that has a number of helpful resources and discloses detailed statistics about their client results on its website. It can also help you with tax debt relief, including federal and state taxes, if applicable.