Need Help with Business Debt in Norfolk, Virginia? Here’s What You Should Know

Hey there! If you’re a business owner in Norfolk struggling with debt, you’re not alone. Dealing with debt can be super stressful, but there are options out there to help you get back on track financially. As a financial services company here in Norfolk, we wanted to give you the down low on debt relief and debt settlement for businesses in our area.

First Things First – Know Your Options

When it comes to business debt, you’ve got a few options on the table:

• Debt consolidation – This rolls all your debts into one new loan, ideally with a lower interest rate. It makes managing your debt payments easier, but doesn’t reduce the amount you owe.
• Debt settlement – This involves negotiating with creditors to pay a lump sum that’s less than what you owe. It can reduce debt, but may hurt your credit score.
• Bankruptcy – Filing Chapter 7 or Chapter 11 bankruptcy can eliminate some business debts. But it’s complex, damages your credit, and liquidates assets.
• Debt relief programs – These provide services to negotiate with creditors and create debt repayment plans. Fees vary based on how much debt you have.

We always recommend exploring debt relief programs first. Bankruptcy is a last resort with major consequences. The key is finding reputable debt relief services to walk you through the process.

What to Look for in a Norfolk Debt Relief Company

If you decide to work with a debt relief or debt settlement company, here are some tips for finding a good one:

• Search for companies located right here in Norfolk. Local firms will understand our business landscape best.
• Look for firms with several years of experience helping Norfolk businesses.
• Ask about their debt negotiation process and any upfront or monthly fees.
• Make sure they’re transparent about expected results and timelines.
• Check reviews from past Norfolk business clients if possible.
• Look for companies that offer free consultations to discuss your situation.

Steer clear of any debt relief companies that refuse to explain fees, promise fast fixes, or pressure you to sign contracts right away. Legitimate firms will be upfront and take time to assess your specific debt scenario.

Key Laws & Regulations to Know

When getting help with business debt, it’s good to be aware of a few key laws and regulations:

• The Fair Debt Collection Practices Act – This federal law limits how third-party debt collectors can go about recovering debts. It helps protect you from harassment or deception.
• Statute of limitations on debt – In Virginia, most business debts are only legally enforceable for 5 years. After that creditors can’t sue to collect.
• Norfolk court debt policies^[1] – The Norfolk Commonwealth’s Attorney has policies to reduce burdensome court fees that disproportionately impact minority business owners.

Knowing these laws can help you negotiate better deals or identify any improper practices from creditors or collectors.

Finding the Right Norfolk Debt Relief Lawyer

For more complex debt situations, working with a business debt relief lawyer can give you guidance and legal protection. Look for an attorney with experience in areas like:

• Debt settlement negotiations
• Debt consolidation and restructuring
• Chapter 7 and Chapter 11 bankruptcy
• Protecting assets from creditors
• Stopping harassment from collectors

Ask prospective lawyers about their track record settling business debts in Norfolk. And be sure to understand their fees upfront – many will work on a contingency basis where they only get paid if they secure a settlement for you.
The HG.org directory and Expertise.com are good resources for finding experienced Norfolk debt attorneys. Look for lawyers with high Avvo ratings
²
and strong client reviews.

Beware of Debt Settlement Scams

Unfortunately, there are some unethical players out there looking to take advantage of businesses in debt. Watch out for Norfolk debt settlement companies that:

• Promise to make debt go away overnight or “erase” it entirely
• Tell you to stop communicating with creditors
• Require large upfront payments before providing services
• Won’t provide a detailed contract
• Refuse to identify exact fees

Steer clear of any high-pressure sales tactics or too-good-to-be-true claims. Get promises in writing and read contracts carefully before signing.

Take Control of Your Business Debt

Dealing with debt is hard, but you’ve got options like debt relief programs, debt settlement services, and bankruptcy attorneys to help regain financial control. The key is doing your research to find reputable Norfolk firms that can negotiate with creditors on your behalf. Don’t hesitate to ask lots of questions upfront and read the fine print before committing to anything.
With the right help, you can reduce or eliminate burdensome business debts and get back on the road to financial wellness. Our team is always here to answer any questions about debt relief and provide guidance – just reach out for a free consultation. We’re rooting for you!