Contact Us: ​(864) 814-3003
Jeff Clark Insurance Agency
  • Home
  • Quotes
    • Auto Quotes >
      • ATV Insurance Quote
      • Auto Insurance Quote
      • Classic Car Insurance Quote
      • Roadside Assistance Quote
      • Motorcycle Quote
      • RV Insurance Quote
    • Property Quotes >
      • Home Insurance Quote
      • Flood Insurance Quote
      • Landlords Insurance Quote
      • Renters Insurance Quote
    • Business Quotes >
      • Business Insurance Quote
      • Business Owners Package (BOP) Insurance Quote
      • Insurance Bond Quote
      • Workers Compensation Quote
    • Other Quotes >
      • Life Insurance Quote
      • Boat Insurance Quote
      • Event Insurance Quote
      • Long Term Care Insurance Quote
      • Umbrella Insurance Quote
  • Service
    • Report a Claim
    • Make a Payment
    • Update Contact Info
    • Policy Changes
    • Proof of Insurance
    • Contact My Carrier
    • Online Documents
    • Free Consultation
  • Insurance
    • Vehicles >
      • Auto Insurance
      • ATV Insurance
      • Classic Car Insurance
      • Motorcycle Insurance
      • Roadside Assistance
      • RV Insurance
    • Property >
      • Home Insurance
      • Flood Insurance
      • Landlords Insurance
      • Renters Insurance
    • Business >
      • Business Insurance
      • Business Owners Package (BOP) Insurance
      • Insurance Bonds
      • Workers Compensation
    • Other >
      • Life Insurance
      • Boat Insurance
      • Event Insurance
      • Long Term Care Insurance
      • Umbrella Insurance
  • About
    • Staff Directory
    • Client Testimonials
    • Agency Photo Gallery
    • Refer a Friend
    • Insurance Carriers
    • Blog
    • News
  • Contact
  • Home
  • Quotes
    • Auto Quotes >
      • ATV Insurance Quote
      • Auto Insurance Quote
      • Classic Car Insurance Quote
      • Roadside Assistance Quote
      • Motorcycle Quote
      • RV Insurance Quote
    • Property Quotes >
      • Home Insurance Quote
      • Flood Insurance Quote
      • Landlords Insurance Quote
      • Renters Insurance Quote
    • Business Quotes >
      • Business Insurance Quote
      • Business Owners Package (BOP) Insurance Quote
      • Insurance Bond Quote
      • Workers Compensation Quote
    • Other Quotes >
      • Life Insurance Quote
      • Boat Insurance Quote
      • Event Insurance Quote
      • Long Term Care Insurance Quote
      • Umbrella Insurance Quote
  • Service
    • Report a Claim
    • Make a Payment
    • Update Contact Info
    • Policy Changes
    • Proof of Insurance
    • Contact My Carrier
    • Online Documents
    • Free Consultation
  • Insurance
    • Vehicles >
      • Auto Insurance
      • ATV Insurance
      • Classic Car Insurance
      • Motorcycle Insurance
      • Roadside Assistance
      • RV Insurance
    • Property >
      • Home Insurance
      • Flood Insurance
      • Landlords Insurance
      • Renters Insurance
    • Business >
      • Business Insurance
      • Business Owners Package (BOP) Insurance
      • Insurance Bonds
      • Workers Compensation
    • Other >
      • Life Insurance
      • Boat Insurance
      • Event Insurance
      • Long Term Care Insurance
      • Umbrella Insurance
  • About
    • Staff Directory
    • Client Testimonials
    • Agency Photo Gallery
    • Refer a Friend
    • Insurance Carriers
    • Blog
    • News
  • Contact

Jeff Clark Insurance
​Agency LLC  Blog

5 Ways To Prevent Bankruptcy In Business

11/19/2018

0 Comments

 
Picture
​It is not that easy to file for bankruptcy. If you do so, you are mandated by law to attend credit counseling. You should also make payments to creditors, and most of all you will need to attend mandatory financial management education.
 
Also, you will have a poor credit rating. As a result, this lowers your ability to borrow money. With only high-interest loans available for you, you may incur greater debt. Most of all, filing for bankruptcy does not exempt you from lawsuits.
 
Here are five things you need to do to prevent bankruptcy in your business.
Settle Your Debts and Talk To Your Creditors
Settle and negotiate your debts. Go for debt consolidation when repaying your debts and take care not to lose any of your assets. Debt settlement is also another option. You can negotiate with your creditors about getting your money back. Most lenders will work with you to get you to pay them completely. As you continue paying, then your debt gets much smaller in time.
 
Be honest with your creditors as to payment terms and as to your capacity to pay. If you are having financial difficulty, say it but express your willingness to settle your debts. Most creditors will agree by lowering your monthly payment while some would even lower the interest rate.
 
Sell Some of Your Property
A trustee will review your property and make suggestions as to what you can sell or liquidate for the settlement of your claim. If you have a second car, some shares in the stock market, an antique collection and other valuables, then you can sell some of them. You may even sell them on Craigslist or eBay, and you may earn much from them.
 
Attend Consumer Credit Counseling
Get a professional to talk and negotiate with your creditors. Find a consumer credit counselor with much experience. He can help make your creditors agree to your payment scheme, and he may even successfully convince them to reduce interest rates. In fact, the new bankruptcy law requires credit counseling even before you decide to file bankruptcy.
 
Restructure Your Mortgage.
Find a way to refinance or restructure your mortgage. You can do this through a new payment plan arrangement for your mortgage. You can negotiate a new agreement with your housing lender to check if he is amenable to a new payment plan.
 
Check if you can have a new payment schedule under the same original terms. If you cannot do this, you still have the option of applying for a lower interest rate that can be stretched out over a much longer period. You can use the money that you can save on the front end to pay off debt.
 
Make Real Sacrifices.
The surest way to save money is to cut back on your expenses. Cancel the cable bill and gym membership and you can really save up money. However, if you think your company is not sustainable anymore and that you think you should sell, then you should approach a couple of good competitors. The money that you gain from the sale could pay off some of your outstanding debts.

Some Final Words
It is not easy to deal with bankruptcy but you can surely go a long way if you take the recommended steps. There’s no quick fix for your problem but if you only approach the right people, and if you are honest with your creditors, then you will get a lot of burden off your back. At Jeff Clark Insurance Agency LLC​​​​, we aim to make our client's life easier with policies that are tailored to their needs. You can get more information about our products and services by calling our agency at (864) 814-3003. Get your free quote today by CLICKING HERE.
0 Comments



Leave a Reply.

    Contact Us

    (864) 814-3003
    8715 Asheville Highway
    Boiling Springs, SC 29316​
    Click Here to Email Us

    Archives

    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    January 2018

    Categories

    All
    Auto Insurance
    Business Insurance
    FAQs
    Financial
    Health Insurance
    Home Insurance
    Insurance
    Life Insurance
    Local
    Renters Insurance
    Safety

    RSS Feed

Navigation

Homepage
Insurance Quotes
Policy Service
Insurance Products
Contact Us
Agent Login

Connect With Us

Share This Page

Contact Us

Jeff Clark Insurance Agency LLC 
8715 Asheville Highway
Boiling Springs, SC 29316
(864) 814-3003
Click Here to Email Us
Review Us

Location

Website by InsuranceSplash