Business Debt Restructure - Pinellas County, FL

Business Debt Restructure - Pinellas County

Research different debt restructuring companies in your area. Perform a background check on each service by contacting the Better Business Bureau in your area and asking whether the counselors are licensed by the American Board of Certification. Interview several companies and ask for information on the success of their past cases.

Issue more shares to help generate capital for your business. Expect your share prices to fall due to your financial troubles, but let shareholders know about your plans to restructure your debt to avoid bankruptcy. This can help create interest in your new securities offering.

Offer to exchange part of your debt for creditor equity in your company. Be sure that the amount of equity does not give your lenders total control or a majority vote. You want to prevent them from taking over the management of your business.

Present your proposal to your creditors. If you’re restructuring debt by yourself or through a personal lawyer, your creditors will vote on your plan to restructure the debt. When you use a third-party debt agency, it handles submission and approval by contacting your lenders directly and negotiating with them.

Change your equipment, health care and benefit providers if doing so will decrease your operating costs. Partial restructuring of your operating costs can ensure that you’ll have the funds each month to pay back your loans. Expect to downsize your facilities and employees at the same time that you manage your debt.

Monitor your payments to a debt agency to be sure that your creditors are receiving the amounts that were promised to them. If lenders are not getting their payments, take immediate steps to find a new debt restructuring company to avoid having bankruptcy filed against you by your creditors

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