The biggest problem that people face when trying to avoid business bankruptcy and alternative issues, and to steer a failing business, is blinders.

You know, can’t see the forest for the trees. Don’t take that personally. That’s what happens to most of us when we are faced with crisis after crisis.

It’s hard to run a business even under great circumstances, never mind under financial pressure and with creditors hounding you. That’s also when employee problems raise their heads and a myriad of other issues come to the fore.

Many of us think the problems are just too numerous to deal with. Try writing down all of your problems on a list. You may be surprised to find that really there are only 3 or 4 significant problems. This exercise alone can take enormous pressure off.

Then number them in order of time and effort required to deal with each one. Start with the easiest and fastest to solve. That way your list shrinks quickly giving more relief. Next thing you know you’re back to normal.

Sound simplistic? Maybe it is, but it can work in many cases.

You’re too far-gone, you say. What is my business bankruptcy and alternative? Do I consider bankruptcy or debt settlement, credit repair, bad credit auto loans, or all of them?

Bankruptcy or debt settlement, followed by credit repair? Which would be the best the way to go in your circumstances?

What are the alternatives and other related issues? How are they affected? Every one’s situation is different, so we’ll be general in our categories.

Bankruptcy

One has to consider the effects both personally and from the business perspective. For example, if your small business is a franchise, there may be a clause in your agreement terminating the franchise in the event of either the business or you declare bankruptcy. Some supplier agreements read that way as well. Then there are personal guarantees to consider if you bankrupt the business only.

Debt consolidation

Should you consider debt consolidation or business bankruptcy and alternative? Points to consider are, you or your company still owes the debt, and it could be a much higher debt in the long run. If it’s a company consolidation you may be asked to co-sign. Even with lower payments, your long-term costs will be higher due to extra interest.

Debt settlement

There are folks out there with incredible long-term success negotiating debt settlement instead of business bankruptcy and alternative. In fact we’ve enjoyed great success with this approach many times for clients. You can achieve debt settlement agreements lowering your debt by up to 60% or more, without cash.

Credit repair

We can steer you in the right direction here. We suggest you decide whether to take the do it yourself approach, where we get you the needed advice and paperwork. If you get professional help, there are several approaches we will inform you of which may work best for you.

Bad credit auto loans

We can arrange one of these immediately. However, if you can wait a little bit of time, you’d be better served if you came back to us after we arranged one of the scenarios we discussed above. Reason is that you’ll likely pay less interest and get a better car. We discussed on another page how those of us considered sub prime (that’s 72% of us), will pay $300,000.00 extra interest in our lifetimes. This figure doesn’t include higher product cost, higher insurance rates, or other issues. But, if for some reason you need to get a car right now, we can help.

Mortgages

Mortgages on your home or business premises are a different issue and vary by state and province. Once we are aware of your particular circumstances, we can offer comments, which may make good sense.

Insurance

Insurance is an issue, which may or may not be affected by business bankruptcy and alternative. However, the resulting credit score may adversely affect your rates, and in some cases your ability to obtain coverage of certain kinds. Whether it’s car insurance, life insurance, medical, accident and health. You will need to repair credit score for a lot of reasons beside insurance.


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