Dissolving a company, or going out of business is a tough process. Even after a company closes, outstanding debt does not go away. This includes money owed to employees, landlords, suppliers, utilities, service providers, and even banks and private lenders. You can limit your liability by notifying creditors of your closure, but you still need to make plans to pay these bills. The worst idea is to ignore your debt because your creditors will not ignore you. This can result in years of dealing with collection agencies, lawyers, and lawsuits.
Dissolving a company with debt is a tricky situation — even when a business no longer planning to generate revenue, there is still a lot of work for management to complete and obligations to be met. Most businesses don’t have an exit strategy either, which means they don’t have a plan for taking care of these tasks.
If you are determined to settle your debts on your own, you may be successful in settling one or two small debts. However, by working with American Finasco, we can help settle all of your debts and reduce the amount of money owed. Perhaps depending on how your debt is restructured, you may have the option to remain in business.
It can be tempting to close a business and just walk away but dissolving a company with debt correctly with no lingering issues requires professional assistance. American Finasco has years of experience and success in debt resolution. Call us today. We provide guidance and solutions to business owners who are having difficulty with debt. Contact Us and complete our Online Form for a free consultation or call (800) 299-2909.