Filing for bankruptcy was often seen as the last resort for business owners who got in over their heads. But with a spiraling economy, many entrepreneurs are choosing the option sooner as a way to free themselves from debt.
Instead of bankruptcy, American Finasco offers a debt settlement program that allows owners to continue running their businesses while paying down the outstanding balances they have with creditors.
The Houston firm negotiates directly with creditors on behalf of business owners who are in financial trouble and have been delinquent in their payments. American Finasco helps owners restructure payments to fit into their monthly budgets.
In the past year, business-bankruptcy filings have skyrocketed 55%, according to statistics released by the Administrative Office of the U.S. Courts. Financial analysts predict that number will continue to grow in 2010.
However, with debt settlement, business owners can reduce their total amount of debt by 50% to 60%, enabling many of them to keep their doors open.
“Most of the time, a creditor sees the involvement of a third-party debt restructuring company as a positive,” Finasco officials say. “Usually the debt is quite past due when we get involved, and the creditor has exhausted their efforts to get a response.”
By using American Finasco debt-restructuring service, the company helps owners improve their credit rating by working toward paying off the delinquent debt.
American Finasco cautions business owners to seriously consider their options before filing for bankruptcy, because doing so ruins a business owner’s credit and makes it nearly impossible to get loans for future endeavors.
Visit www.americanfinasco.com for more information about business-debt settlement.