Many businesses today use credit cards to do business. Credit cards are an effective and efficient means by which businesses can purchase goods and services they need without having to negotiate with companies to accept their purchase orders, or without requesting a purchase order or cash advance from the company controller before making everyday purchases needed for the business to operate. What can you do if you have a lot of business credit card debt, though, and you need to settle it, perhaps because the business is defunct or for other reasons? The process for business credit card debt settlement is much the same as for consumer debt settlement.
If you want to negotiate a business credit card debt settlement, you will want to explore the option of having a debt settlement lawyer work with you to negotiate the best debt settlement options. A debt settlement lawyer will work with your creditors, and show them that you have assets but that your income from the business is not sufficient to repay these debts, and will help keep the creditors from sending the account to collections or from assessing further negative penalties against you, such as pushing for your company to declare bankruptcy.
Commercial debt settlement companies are also an option:
Another method for settling business credit card debt is to look into the possibility of using the assets and equity in your business to take out a business debt consolidation loan or a line of credit. If you have an established relationship with a local bank, you may be able to get a low-interest line of credit which will help you pay off your business credit card debts and settle them without having to take a negative credit hit which will impact your business. Check into all of your options carefully before deciding.
An experienced debt settlement attorney can help you protect your business will arranging the most advantageous debt settlement possible. Make sure you consult with an attorney experienced in business debt consolidation, and your attorney can guide you and act as your advocate to help you get the best deal and get your business back on track.