Finance: Paying Debt You Can’t Afford

Sometimes it’s hard to face facts: you’re in over your head with business debt. You want to ignore your obligations but you can’t move forward with your plans. What to do?

SCORE and Corporate Turnaround have created a free 16-page workbook, How to Pay Business Debts You Can’t Afford. This valuable resource will help small businesses survive when facing economic and financial challenges.

The guide covers some of the most crucial parts of settling commercial debts, including:
– How to determine a monthly budget to pay past due debts
- How to create settlement offers with real-world information
– How to write settlement letters using fill-in-the-blank templates
– How to negotiate affordable settlements with the toughest creditors
– How to stretch out settlements over time

How to Pay Business Debts You Can’t Afford is free and available as a PDF download on SCORE’s home page at www.score.org.

SCORE CEO Kan Yancey says, “SCORE mentors can help small businesses with a variety of financial issues, including loans, cash flow, accounting, taxes and cost reduction.” Yancey adds, “This new workbook will help give small business owners the tools they need to satisfy their creditors.”

“The easy-to-understand strategies in this guide have helped settle more than 25,000 business debts,” says Jerry Silberman, CEO of Corporate Turnaround and co-author of Small Business Survival Book: 12 Surefire Ways for Your Business to Survive and Thrive. Silberman adds, “SCORE clients will learn how to explain their hardship directly to their creditors and gain the best possible settlements.”

For free private counseling on business debt and other problems, visit SCORE on the Web at www.score.org. Enter your zip and find a chapter near you, or get free online counseling.

Corporate Turnaround specializes in commercial debt restructuring as an alternative to business bankruptcy. Learn more online at www.dontdeclare.com.

Related links:
5 Tips for Successful Debt Collection
Committing Your Nickel to Build Your Small Business
60 Second Guide to Collecting Payments

Peg Corwin, SCORE Chicago
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