Debt is crucial for business. It helps companies to maintain operations and propel growth plans. It keeps the economic wheels of our nation turning. As such, the government encourages entrepreneurs to take loans – and you can deduct loan interest from your income when preparing tax returns. But entrepreneurs can make mistakes. For example, such … Read more
Question: Dear Steve, I work in 2 industries – healthcare and finance. I’ve owned, for the last 15 years, a very successful regional auto finance company. the company owes 4.3 MM on a loan for a portfolio we are liquidating. At one time we would sell portfolios but no one is buying in this climate … Read more
As emergency orders are being signed across New Jersey, thousands of businesses are being forced to close their doors immediately. “Businesses that are even allowed to be open for a few hours a day are seeing a steep drop in customers and are beginning to lay-off employees and they don’t know when it’s going to … Read more
Capital One (NYSE: COF) is helping demystify business credit for today’s business owners with the launch of Business CreditWise, an easy-to-use tool providing unlimited, free access to a company’s credit profile. Business CreditWise is available to any U.S. business (not just Capital One customers) and can be accessed at any time without impacting business credit. … Read more
Question: Dear Charles, Started a new business with the government to help veterans stay in their own home in 2008 After tens years this looks like our first failed payroll. We have 2 business loans to help pay our business expense but that has added to our problem since we have to delay payment to … Read more
Question: Dear Steve, I have 3 cash advances that are bringing my company down. Daily payments of over $1000 Are you aware of any bad reviews/info on Corporate Debt Rescue or Protection Legal Group? Chuck Answer: Dear Chuck, Questions like yours are difficult. Here are my posts about Protection Legal Group and Corporate Debt Rescue. … Read more
Legal NewsLine posted a story that caught my eye. The article said, “A fast-growing small business financing company in Boston has filed a federal lawsuit against two debt elimination companies, alleging they are scamming merchants and commercial businesses and, in turn, have damaged the plaintiff company.” It’s an interesting turn of events in the business … Read more
This is a great topic that I rarely talk about so I asked someone who is an expert in dealing with business debt to provide this awesome point of view and advice on how to deal with problematic debt issues. Dealing with business debt issues for the business owner can be a tough emotional struggle … Read more
Question: Dear Steve, I’ve owned a design build remodeling firm for 28 years. My main business struggle has always been sales and having enough work in our pipeline for consistent business results. I’ve wanted to hire a sales person and/or marketing person many times over the years and a couple of times have gone through … Read more
Shortage of capital is the biggest challenge entrepreneurs say they face, and one of the most common reasons they fail. That’s the reason Rich Dad Advisor Garrett Sutton and Nav’s Head of Market Education Gerri Detweiler teamed up to write Finance Your Own Business: Get on the Financing Fast Track, a guide that will help … Read more
“Dear Jim, My family owns a small restaurant that’s been struggling for years. We owe the IRS and the state back taxes and have been working with various payment plans but can never get caught up. My dad even took a second job in 2011 to aid in repayment. A lawyer advised him then to … Read more
“Dear Michael, We have Business debt – trying to pay off w/low interest rates. Can you recommend a reputable debt consolidation company? One that can, before we sign any documents or close any of our accounts, guarantee us the interest rates they claim they can offer us? We don’t wish to settle, we want to … Read more
“Dear Jon, im about to start coorporation. the guy told me i can use my credit and be a personal guarantor. he says if my company goes south, my personal assets(home) would not be affected if i were to file bk on the coorporation? would my personal assets/credit be affected if i filed bk on … Read more
“Dear Steve, My parents started a business in 1998 in PA. I worked for the S- corp for 12 years as president. The firm went of business due to failures over time in managing revenue and costs….I could blame the economy but that’s a cop out. I used easy credit through credit cards to pay … Read more
“Dear Michael, Two lines of debt, but both carried on personal line of credit. 1st is personal expense’s (unsecured about $60k), the other is business debt (self employeed unsecured, about $30k). Interest rates are high and dragging the pay off. The pass 48months, have paid $128,000.00 in CC payments, to knock down $27,000.00 on balance … Read more