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Is your business carrying a substantial amount of debt? If you have already tried debt management plans and debt financing, you may need to consider a debt settlement program. After attempting all other avenues of clearing your debt, at this point your business may be in financial trouble. By working with a settlement program, you may be able to avoid bankruptcy.
A settlement program - also referred to as debt arbitration or debt negotiation - is a method through which the creditor agrees to accept a portion of the balance due as payment in full. The debtor may have a specific amount of time to pay the agreed amount, which may be up to 50% less than the amount owed. Debt negotiation is obviously helpful to the debtor, as it allows the business to pay much less than what is owed. But it is also beneficial to the creditor because they still get some of their money owed - which would not be the case if the business filed for bankruptcy.
It is usually best to consult a debt settlement professional instead of attempting to negotiate with your company's lenders. Professionals have experience in working with creditors and can help your business achieve success with debt arbitration. For more information on how debt negotiation can help your business get out of debt, click on the links on the left. Gathered by Business.com, these links will point you towards the information you need.
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