Businesses facing major cash flow problems or other financial distress need not turn immediately to bankruptcy as a solution. A measure of relief might be available through debt restructuring or modification, which is essentially eliminating an existing debt and replacing it with a new debt.
A Tampa CPA from Reliance Consulting, LLC, can help a small business owner work through fiscal trouble by explaining all the options available. Better yet, reaching out to Reliance before financial trouble strikes is a wonderful way to avoid problems in the first place. However, if your business has fallen on hard times, or if you find yourself short on cash for any number of reasons, debt restructuring or debt mediation may be a good way for your business to:
- Restore liquidity
- Avoid the high price of bankruptcy fees
- Avoid the stigma of a Chapter 11 filing
- Avoid becoming embroiled in legal issues with creditors
- Reach a conclusion faster than through bankruptcy
Since opening our doors in 1984, Reliance Consulting has helped hundreds of small businesses and thousands of individuals plan for a brighter financial future. Contact Reliance today to learn more about the benefits of debt restructuring and for a free financial health checkup.