Worden Associates
Jul 20, 2017 · 2 min read

When Should You Hire an Attorney to Resolve Your Debt?

Funding a business through a loan is already a difficult task, but actually settling the debt afterward can be an even bigger challenge. If your new company is facing a huge debt, a significant part of your profits will just end up going towards paying this debt. Understandably, you want your company to start earning for you instead of your debts. And the sooner you can pay off your debt, the sooner your company can start profiting for real.

Unfortunately, paying off a debt isn’t as easy, especially for small- and medium-sized businesses where you also have to pay overheads. Cutting down on your overheads means cutting down on your company’s income. This is the point where you turn to an attorney to help your company manage its debt. Why an attorney? Here are some of the reasons:

You Don’t Know Your Options

Settling business loans can be a very complicated ordeal, and it’s common for business owners to find themselves unable to make a proper strategy for paying off their debt. Not knowing your options can give you a feeling of helplessness and an unpleasant assumption that you’ll never get out of debt. The inability to decide your next course of action further delays debt settlement and makes the problem even worse.

Attorneys know the ins and outs of business debt settlement and will point you in the right direction. They can provide you with legal advice regarding the tax implications of settling your debt. They can enumerate all the viable options you have. They can even help you with the bankruptcy process if worse comes to worst. Whatever the situation, you’ll never be second-guessing your decisions.

You’re Being Threatened

Stories of creditors threatening business owners pop up every now and then. Some of these threats are only meant to make you pay up faster, but some can be serious, especially those that involve lawsuits and actions that can be considered severe harassment. Many business owners feel that they can’t do anything since they do owe creditors the cash, but that’s not the case.

Settling your company’s debt can be difficult, but that doesn’t mean it’s impossible. With professional legal services, you’ll have better chances of escaping the cycle of debt.

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Worden Associates

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#wordenlawoffices #securedtransactions Worden and Associates www.wordenaa.com is a corporate and transactional law firm headquartered in Addison, Texas.

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