Explore Your Options for Debt Relief
Debt relief is essential for businesses who find themselves with less money in the bank than they need. At J Bottom & Associates, we’re dedicated to helping small businesses throughout British Columbia find the debt relief solutions they need to continue operation or regain financial stability. We’ve worked with countless clients in New Westminster, Port Coquitlam, North Vancouver, and many of the surrounding communities. No matter the severity of your financial situation, our Licensed Insolvency Trustees are ready to help. Learn more about your options for debt relief and how we can help small businesses.
Raise Funds or Use Your Own Money
If you have personal assets you don’t mind selling off, it may be beneficial to pay down your business debts in that way. You could work with family and friends to raise funds as well. Some of our clients have reduced their debt by securing funding in the following ways:
- Borrowing from family and friends
- Getting a small business loan
- Working with an investor or new partner
Be Honest with Your Creditors
One way to reduce your debt is to communicate directly with those you owe money to. Many creditors are sympathetic to such situations and may have even found themselves in similar conditions. They might give you some advice for getting out of debt, and some may even help you create a repayment plan that works better for you.
Communicate with Suppliers and Customers
Sometimes the key to reducing debt is communication. Small business debt help can come in the form of supplier contracts or customer cooperation. Talking with your suppliers may get you reduced rates or more affordable products. After all, many suppliers are empathetic to these kinds of situations. You could also take a different angle and speak directly with customers. If you have customers who owe you money, you might consider offering a discount to get their payments as soon as possible.
Weigh the Pros of Small Business Debt Consolidation
Debt consolidation may be a good solution to your debt problems. By choosing debt consolidation, you’ll only need to deal with one creditor and make one monthly payment. You won’t need to juggle multiple parties and endless billing statements. What’s more, you’ll benefit from a lower interest rate!
File for Bankruptcy
Filing for small business bankruptcy may be the only feasible option for your company. While this is a difficult process, the team at J Bottom & Associates would be glad to help you. We understand the challenges that bankruptcy brings, but we strive to streamline your experience and make it as hassle-free as possible.
Consider a Consumer Proposal
A Consumer Proposal is a viable option for many small businesses. This process restructures debt to make it easier to pay off within a determined time period. The team at J Bottom & Associates can help you negotiate a Consumer Proposal with your creditors to reduce your overall debt and better your financial standing.
Cut Business Costs
Cutting business costs seems like a no-brainer, but many businesses don’t consider it a viable solution to extreme debt. However, it’s important to remember that every little bit helps. If you can find ways to reduce your recurring expenses, you can put that money back into paying off your creditors. You might also look for ways to make some extra money on the side, such as renting your building or equipment.
Talk to a Licensed Insolvency Trustee
Whether you’re in significant debt or only have a few creditors to pay off, J Bottom & Associates is on your side. We’re proud to have helped so many British Columbia small businesses avoid closing down and continue business as usual. Our Licensed Insolvency Trustees have years of experience in the field, and we can help you choose the best debt relief solution for you. Getting out of debt is much easier and less stressful when you work with a seasoned professional. Contact us today to learn more about your options.