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Bankruptcy May Be Avoided With Business Debt Settlement

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Bankruptcy and debt settlement are generally not on our minds as we consider what we want to do with our lives. Some us grow up hoping to follow in our parents’ footsteps, while many pursue other interesting careers in a wide range of industries. Often though as we grow, become educated, and get out into the work force, those dreams for the future begin to include owning our businesses. It’s said time and time again that this is the American way—but it’s certainly not always easy. The economy moves up and down, supply and demand changes due to customer needs, competition inevitably springs up, and finances fluctuate.

Filing for Chapter 11 May Not Be Necessary

It can feel like the end of the world when you are struggling financially, and especially if this is so in both your personal and professional life. If the debts have become so overwhelming that you are seeking a solution for permanent resolution, consult with an experienced debt settlement firm like Fitzgerald & Campbell, APLC.

You may be concerned that Chapter 11 is the only route. Bankruptcy should only be considered as your final option, and under advice of your attorney; however, if you choose to file, you may find that the results there too can be surprising. Rather than closing the doors forever, you may find that bankruptcy offers you the reorganization necessary to continue ahead for many years, stronger than ever.

Personal or Business? Debts Must Be Carefully Examined

Very careful consideration must be given to the solution you choose for resolving your debts. Your attorney may find that a debt settlement program would work for you, allowing for faster results and the possibility for keeping your business open at the same time.

Business debts can be as varied as the number of businesses open in the US. You may have purchased inventory specific to your work, to include equipment and tools, and much of what goes into supplying a typical office for day-to-day operations. There may also be other debts such as real estate and vehicles; however, that presents gray area in terms of debt settlement. Are they to be settled as personal or business debts? While you may consider that ‘company car’ to be a business debt, if it—or other equipment—are part of your sole proprietorship, you may be personally responsible. If the debts were formally established in a corporate or LLC name, then they can probably be settled as business debts.

If the debts owed are personal, the laws set in place by the Fair Debt Collection Practices Act (FDCPA) apply governing any harassment by collectors. This is not the case for business debts though, which means you are open to the stress of non-stop calling and threats by those who want their money.

Once your debts have sifted through and divided into both personal and business debts, a settlement program can be worked out, often allowing you to pay much less than was originally owed. With the help of your attorney and an organized plan, hopefully all your creditors can be negotiated with and you can look forward to getting back on your feet and growing your business again.

Cartoon of a stick figure walking a green arrow that goes over word " Bankruptcy"

We Get Results! Contact Us Now

If you are finding it difficult to pay your bills and need an experienced business debt defense attorney, contact us at Fitzgerald & Campbell, APLC. We can review your current situation and discuss your options with you, whether that means a negotiated settlement, bankruptcy, or more. Check out some of our past successes with business debt settlements here.

Our attorneys have decades of experience representing clients in all types of consumer rights matters, and we are here to help you! Call us today for a free consultation at (844) 431-3851, or email us at

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