I can't repay my business debt, what are my options?

I can't repay my business debt, what are my options?
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1 Answer

Answer :

answer:Speak with a lawyer about filing bankruptcy (seek protection from creditors, rather than to be placed in receivership and liquidated). This will trash your credit, but gives you a chance to get rolling again. Negotiate with your debtholders/creditors to defer or reduce payments for a short time, 90 days or so. Seek investment capital and take on a partner. Examine other services you could perform with the business resources you have on hand and possibly diversify your offering. If YOU can’t pursue clients but the business could, consider hiring a commissioned or consignment sales person to do the business development while you do the production. Delegate! Hire some temp staff (you can even get temp CEOs) to operate the business until you can again. If you have assets, approach your banker for a short term note. If you KNOW you’re going to be realizing new revenue in the future, consider opening a commercial credit line (American Express is my favorite) to tide you over.
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