Experienced Southwest Ohio Lawyers Helping Small Business Owners Explore Debt Relief

If your small business in Southwest Ohio is burdened with overwhelming debt, but you want to avoid bankruptcy, there are several alternative debt relief options available. At Hurley Law, we help business owners in Dayton and Cincinnati explore legal strategies to manage debt while not filing bankruptcy. Below are some of the most effective non-bankruptcy debt relief options for small businesses.

Restructure Loans

Your creditors may be willing to renegotiate the terms of your debt if it increases the likelihood of repayment. Debt restructuring can involve lowering interest rates, extending repayment periods, or reducing the total balance owed. This is especially true when we can demonstrate to your creditors that they will be paid more through a negotiation than they would if you file bankruptcy or close your doors.

Lump Sum Settlements

In some cases, creditors may agree to settle your debt for less than what is owed. Debt settlement can be a strategic option for businesses that can afford to make a lump-sum payment in exchange for a reduced balance.

Business Sale – Even When Debts Exceed Value

Many small business owners might want to sell their business, but they feel stuck because the business has more debt than what the business is worth. Our attorneys can work with your creditors to help them understand the benefit of accepting less than full payment in exchange for receiving a payment at the closing when the business is eventually sold.

Liquidation of Specific Assets

Businesses sometimes have extra assets they don’t need or can replace with cheaper options like renting or leasing. Those assets can be sold to generate cash that can be used to negotiate settlements with creditors, or just to reduce monthly payments.

Debt Consolidation Through Refinancing

If a business can get qualified for new loans, you can take out a new loan to consolidate existing loans at lower interest rates and lower monthly payments.

Strategic Business Consulting In Southwest Ohio

Our experienced business attorneys can also advise you on opportunities to optimize your business. This includes better marketing, reducing unnecessary or inflated expenses, new revenue streams to develop.

Take Control of Your Business’s Financial Future

Financial challenges don’t have to lead to bankruptcy. The attorneys in our law firm have advised hundreds of businesses across Montgomery, Butler, Warren, Hamilton and surrounding counties in Ohio to explore debt relief strategies.

Contact us today at 513-318-9893 or via our contact form to schedule a consultation and learn how we can help you find the best solution for your business’s debt challenges.