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Who Are the Top Business Debt Settlement Companies?

If you run a small business, chances are you’ve taken on debt at some point to help your company grow. But when that business debt becomes unmanageable, it can feel overwhelming trying to pay it back while also keeping your company afloat. That’s where working with a business debt settlement company can help provide some much-needed relief.

What is Business Debt Settlement?

Business debt settlement involves working with a company to negotiate down your outstanding business debt balances. The goal is to settle debts for less than what you originally owed. This can help free up cash flow to reinvest in your business.Here’s a quick rundown of how the business debt settlement process typically works:

  • You stop making payments on the debts you want to settle and instead make monthly payments to a dedicated settlement account. This helps show creditors you’re having financial difficulty and makes them more likely to negotiate.
  • The settlement company works on your behalf to negotiate discounted lump sum payoffs with your creditors. They leverage tactics like ceasing payments and disputing validity of debts in order to secure better settlements.
  • Once a satisfactory settlement offer is secured for an account, you authorize the settlement company to pay the settlement amount from your dedicated account in order to resolve that debt.
  • This process continues until all targeted business debts have been resolved through settlement or paid in full. The goal is to secure significant savings compared to just paying debts in full over time.

Top Business Debt Settlement Companies

If you think business debt settlement could be a good path forward for your company, it’s important to choose a reputable settlement company to partner with. Here are some of the top-rated business debt settlement firms to consider:

1. Delancey Street

Our website:

Phone: 212-210-1851Delancey Street has been providing both personal and business debt settlement services for over 10 years. Unlike some other settlement companies, Delancey Street does not charge any upfront fees for enrolling into their program.Instead, Delancey Street charges a performance-based fee that is only earned after settlements are secured on your behalf. This pay-for-performance model helps align incentives so that Delancey Street is motivated to get you the best possible settlement results.Some other key advantages of working with Delancey Street for business debt settlement include:

  • Attorney-backed services – Delancey Street has attorneys available to advise on debt settlements and dispute processes when needed as part of their full-service approach.
  • Dedicated experts – Each client gets assigned a personal debt expert to oversee the settlement process from start to finish. This single point-of-contact helps ensure continuity and accountability.
  • Track record of results – On average Delancey Street is able to settle business debts for 40-60% less than originally owed, often in under 12 months. Their debt experts have extensive experience negotiating with major banks and creditors.

With no upfront fees and a dedication to securing maximum savings, Delancey Street is a great option for small business owners seeking debt relief. The fact that they have lawyers on staff also gives added peace of mind.

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Other Top-Rated Business Debt Settlement Firms

While Delancey Street stands out as a top choice, here are some other reputable business debt settlement companies to consider if you want to shop around:

2. National Debt Relief

National Debt Relief is one of the largest and most recognized debt settlement companies. They’ve built extensive experience and negotiating leverage over the past decade. In addition to their business debt settlement services, National Debt Relief also provides personal debt relief and credit counseling services.Website:

3. Freedom Debt Relief

Freedom Debt Relief is another prominent company providing both personal and business debt settlement services. One unique aspect of Freedom Debt Relief is that they allow business owners to work directly with their enrolled attorneys during the negotiation processes for added legal expertise.Website:

4. Pacific Debt Inc.

Pacific Debt provides debt settlement and debt consolidation programs focused specifically on assisting small business owners. Their debt experts have experience negotiating with some of the largest banks and creditors.Website:

5. Guardian Debt Relief

Guardian Debt Relief is a debt settlement services firm focused on preserving client privacy and security. They utilize advanced encryption and security measures to protect sensitive client data.Website:

Key Considerations When Choosing a Business Debt Settlement Company

If you do decide to work with a dedicated business debt settlement firm, make sure to keep the following key criteria in mind while evaluating your options:Performance-based fees – Opt for a company that earns their fee through results rather than charging upfront. This incentive structure motivates bigger debt savings.Company reputation & reviews – Verify companies have a solid reputation based on client reviews and industry certifications such as accreditation from the American Fair Credit Council (AFCC).Debt expert experience – More experienced teams tend to secure better settlement offers from major banks and creditors. Look for companies detailing their teams’ background.Legal resources – Having attorneys available as part of the service provides helpful leverage disputing debts and finalizing settlements.Data security – Make sure any company you share your business and personal data with has adequate encryption and security protections in place.Customer support – You want a dedicated point-of-contact overseeing your settlements from start to finish. Responsiveness if any issues arise is key.Cost transparency – Understand precisely what types of fees are charged and when. Avoid companies trying to obscure compensation through vague or complex fee structures.Following the criteria above helps ensure you choose a reputable and results-oriented business debt settlement company that will fight to secure you maximum savings.

The Business Debt Settlement Process Step-By-Step

If you do decide to move forward with a business debt settlement program, here is a high-level glimpse at what you can expect from the process:1. OnboardingThis involves gathering details on all your outstanding business debts, creditors, balances, interest rates, payment status, and other key data points. Your dedicated settlement expert needs this comprehensive picture in order to best target which debts to address first.Required documents like recent bank statements, tax returns, profit and loss statements may also be collected to further verify financial hardship if ever challenged by creditors.2. Securing Funds for SettlementNext you will start making monthly payments into a dedicated settlement account rather than paying your creditors directly. This pooled money will later be used to fund the lump sum settlement offers.The exact payment amount is determined based on total debts enrolled and the aggressiveness of the timeline desired to get them settled. More available savings each month allows for faster settlement.3. Negotiations & SettlementsThis is the heart of the program – your debt expert negotiating with creditors on your behalf to secure discounted payoff offers thanks to your demonstrated financial hardship. Most settlements end up between 40-60% less than originally owed.The first settlements achieved have a snowball effect, saving you more each month to put towards the next debt until all have been addressed for maximum overall savings.4. Debt Resolution & New StartAs each settlement is agreed to, you simply review the terms and authorize the payment from your dedicated savings account. Debts rapidly disappear from your balance sheet, unburdening you and your business.Once all targeted business debts have been resolved, you’re freed from that financial weight holding back growth. It’s a fresh start to reinvest cash flow into your company’s future.While not the easiest decision, reaching out for help from a reputable business debt settlement firm can be a crucial step for small business owners feeling overwhelmed by unmanageable debt accumulated while chasing their dreams.

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Overcoming the Stigma of Business Debt Settlement

Despite proven results saving companies millions of dollars, there is still stigma attached to pursuing business debt settlement services for some owners. Why is this and how can we overcome that stigma?The stigma tends to originate from an association with failure – that needing to settle debt means your business has somehow still come up short. But in reality, taking advantage of debt settlement is often the most prudent financial decision.Here are 3 key mindset shifts that can help eliminate any reservations:1. It’s Just BusinessNegotiating with creditors for win-win solutions is no different than negotiating deals with vendors or customers. It’s simply good business. Pride should not get in the way of making the smartest financial decisions.2. Debt HappensSome amount of debt is inevitable for most businesses, especially in growth phases. Cash flow variability and unplanned expenses means creditors provide necessary flexibility. Using settlement services at some point does not equal failure.3. Settling Saves More Than Paying Full BalancesYou should not feel bad about not paying back 100% of a debt when settling saves significant money compared to full repayment. It’s actually the more logical path that empowers you to rebuild.With the right mindset shift, business debt settlement is seen for what it is – a valuable financial tool – rather than something to avoid out of misplaced stigma. The numbers and savings simply speak for themselves.

Common Questions About Business Debt Settlement

If you still have some hesitations or uncertainties around pursing business debt settlement services, here are answers to some of the most frequently asked questions:Does business debt settlement negatively impact my credit?Yes, your personal and business credit scores will likely drop initially when accounts get behind on payments and ultimately settled for less than full balances. However, credit damage already exists from falling behind on payments. Settling debts for less than owed will allow you to rebuild credit faster in the long run.Can all business debts realistically be settled?For the most part yes, though some very recent debts or secured debts like an auto lease are tougher to settle. In general though, banks and creditors would rather settle outdated accounts for a guaranteed lump sum from struggling businesses rather than deal with collections processes and receive pennies on the dollar down the road.How much can I expect to save settling business debt?While results vary on a case-by-case basis, reputable settlement firms can often secure deals with creditors that reduce business debts by 40 to 60 percent on average. Some settlements result in even larger savings, especially on older defaulted debt accounts.How long does business debt settlement take?The duration depends on total debts, settlement goals, and available monthly deposits. However most business debt settlement programs reach completion within 6 to 12 months. The more financing available, the faster accords can be reached.Can I settle business tax debt?Yes, while the IRS has specific programs in place like Offer in Compromise for tax debt settlement, partnering with a tax debt specialist can be key. They understand timelines, required documentation, and optimal negotiation strategies specific to tax debt accounts.Hopefully the above FAQs help address any remaining concerns and questions around the business debt settlement process. The potential savings make it an extremely viable path forward for most small business owners facing financial struggles or setbacks.

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Key Takeaways – Business Debt Settlement Firms Provide Much-Needed Relief

If your small business is feeling weighed down by unmanageable debt payments each month, know that help is available. Partnering with reputable business debt settlement companies can help secure your financial freedom.Some key takeaways on the value of business debt settlement services:

  • They leverage proven strategies for negotiating debts down an average of 40-60%
  • Legal resources provide added support removing invalid or disputed debts
  • More affordable monthly payments help free up critical cash flow
  • Having a dedicated expert oversee the process saves you time and stress
  • Settlement fees are performance-based – they only earn if you save

While it can be difficult accepting you need support, business debt settlement provides a lifeline to companies fighting to stay afloat. Don’t let stigma or pride prevent you from making the smart financial move.With a fresh start and regained control of your finances, imagine how much faster your small business could bounce back and get growing again.




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