What is Debt Workout?
Do you have excessive debt and unaffordable monthly debt service.? Do you have a secured loan with a bank, in arrears on lease of real estate, leased equipment, IRS payroll tax debt, vendor debt, even if guaranteed, owners take back note, unsecured loans or other obligations?
All debt can be worked out, no matter what form it takes. We specialize in providing commercial loan and general business debt relief solutions—which we call our Debt Workout Plan—and our leadership team has helped clients successfully navigate their businesses debt issues for the past 30 years.
We have the experience, the expertise, and the strategies that will support debt forgiveness—on your business and your personal guaranties.
To learn more about our debt workout programs, please sign-up for a no-obligation phone consultation, or visit our blog. Help is available. Debt forgiveness can be your reality.
Want to Learn about the Types of Debt we Work With?
We have negotiated debt forgiveness for every imaginable type of business debt. Below is a list of the most frequent types we’ve handled.
Business Credit Card Debt: To combat mounting debt and the lack of business credit, many small business owners resort to financing their operation through business credit cards. As a result, many businesses build up large sums of personal or business credit card debt. Let Second Wind help you end this vicious cycle. Our debt workout services include proven settlement strategies for business credit card debt.
Secured Bank Loans: Commercial Secured Bank loans are one of the most common types of financing. This type of financing is utilized for many different business purposes including purchasing a business or financing real estate for your own business.
When forced into default, lenders become extremely aggressive and will litigate, foreclose and liquidate via auction. As experienced workout strategists , we have helped thousands of clients over many years reduce their business debt and personal guarantee to affordable losses—we even help them preserve the business, as a going concern.
IRS obligations and State tax debt (including 941 payroll taxes): Although you cannot typically discharge tax debt in bankruptcy, with our expertise ands strategies our strategies direct negotiation with the particular tax agency can result in significantly reduced payoffs. Our Debt Workout Solution can help business owners handle their outstanding tax liabilities for sales and withholding taxes, 941 payroll taxes, and even income taxes.
Seller Financing Notes: Often when a business is bought the previous owner will finance a portion of the sale price to you their buyer. This is usually called a “seller financing note” or “seller take-back note,” and it can be worked out just like any other creditor. This type of debt, however, requires special handling. And with over 30 years of experience in handling this type of debt, we are adept at creating the business strategies required to eliminate or greatly reduce seller-financing debt.
Unsecured Vendor or Supplier Debt Workout: Unsecured Vendor Debt usually refers to your businesses short-term payables. Often your business is able to pay its secured debt, but as revenues decline you fall far behind with your suppliers. Soon your payables become unmanageable, and the effect is felt on your cash flow. Our Debt Workout Solution can, remove much of the vendor debt allowing the business to survive.
Secured Mortgages on Real Estate: Whether the goal is to walk away from your property, negotiate a short sale, or simply modify your current mortgage, our Debt Workout consultants can design any number of strategies to resolve these issues. At Second Wind Consultants, we have experienced real estate professionals, and these professionals will guide you through any type of distressed situation that you may face.
Equipment and Property Leases: All too often we see clients sign a lease agreement during the good times, only to have that payment nearly put them out of business during the low times. For this all too common form of financing, we can arrange various workout scenarios including a low cost buyout, reduction of rate, or other exit strategies that can work with any industry. Work with our consultants; we can help your business survive.
Property Leases: All too often we see our clients sign a lease agreement during the good times only to find that same rent rate is difficult to pay when revenues plummet. Meanwhile the market rent for their surrounding area drops but the landlord won’t give you any relief. Our strategies provide an opportunity for us to negotiate a fair reduction on your behalf that allows your business to survive. We will design and implement a strategy that will allow you to be free of any debt obligation associated with past due arrears or an early lease termination obligation..
We are THE experts in the field.
Or call 413-584-2581, and Norm will arrange your teleconference for us to discuss your options.