Merchant Cash Advances, Business Credit Cards, Vendor Debt, Business Loans
Most debts are categorized as either secured or unsecured debt.
Unsecured debt often takes up a significant portion of a business's overall debt. The good news is that it can be resolved as part of a debt settlement program.
If the debt is based on collateral such as a truck, house or piece of property; it is considered a secured debt. Specific examples of secured debt include a mortgage, truck loan or equipment financing. Unfortunately, this type of debt cannot be settled because the creditor can simply relinquish the asset in order to recover the funds. Once the collateral is recovered, a creditor will look to recover any deficiency, which we can settle.
Your money in reserve will be used to pay your creditors, either in lump sum after you've accumulated enough to do so, or paid monthly, in a structured payment plan.
With a Chapter 11 (which has only a 10% success rate), you often end paying the full amount since the debts are set over a 5 year period.
Debt settlement is meant for when you are unable to pay creditors in full and also those who are looking for an alternative to bankruptcy.
In some situations creditors or their attorneys will not negotiate a reduction. In these cases we negotiate a payout plan within your budget.
How is your credit now? Chances are it is already in trouble. At this point, First Choice Debt Solutions will be improving your credit rating by paying off the delinquent debt.