Business Debt Relief: A Systematic Approach

No matter how rosy your business may look at any particular point, you have to consider the odds. Chances are, you will run into trouble. And if you develop an emergency debt relief strategy at the outset, you can depend on it when your company runs into stormy seas. This is one system that you want to have in your hip pocket, right from the start. In fact, the earlier you have this, the better.

Asset Protection plan

To back up your debt relief process, you absolutely need a basic asset protection plan. If you end up having to strike deals with creditors, it makes it so much easier to do so from a position of strength.

You must incorporate or form an LLC. Your assets have to be "tied up." You need to build your business credit and wean yourself off of personal liabilities as soon as possible. There's no point in having a corporate or limited liability structure, just to expose all of your personal assets to potential seizure.

Get help now

Whether you want to design a debt relief system to keep on file at the outset, or need help after a crisis hits, seek the help of a competent debt management professional in conjunction with a good business attorney. You need someone who has "been there and done that."

As with other aspects of management, rest assured that a proven process is available to you.