Owning and operating a business in Los Angeles is not easy. In addition to all of the licensing, tax, and legal obstacles which must be overcome, small business owners face multiple challenges in keep a business alive and flourishing. One of the most difficult aspects of running a business is making enough money to pay rent, maintain inventory, hire and keep qualified employees onboard, while fulfilling all financial obligations to creditors. Trying to stay in the black can be overwhelming and, if not managed correctly, things can quickly spiral out of control.
If you are a business owner who has become so weighed down with debt that you cannot see a viable way out, it may be time to take a serious look at settling or consolidating your business obligations. Los Angeles debt consolidation, debt settlement or other legal solutions for business may be exactly what your business needs to get back on track.
Debt Relief Statistics: Los Angeles Business Debt Solutions
Debt consolidation and other forms of debt relief are in high demand for the people of Los Angeles, as well as for business owners in the area. Statistics indicate that debt problems are not a rare problem in the area:
- An estimated 20% of Los Angeles residents are living under the poverty level.
- While the unemployment rate in Los Angeles has dropped from 9.1% back in November 2012 down to 7.5% as of April 2015, L.A. unemployment rates are still above the national unemployment rate of 5.1% as of October 2015.
- The amount of debt reported by those seeking debt relief has remained unchanged in recent years, but the average number of creditors continues to rise. Los Angeles residents may be opening more credit accounts than they can comfortably manage.
Business owners face many of the same financial obstacles, as well as dealing with the high cost of taxes, increases in the minimum wage (currently at $9.00 per hour, but increasing to $10.00 per hour in January 2016), and other issues that mean a higher cost of doing business – as well as personal stress.
Los Angeles Debt Settlement and Consolidation
Fortunately, solutions are available to business owners and individuals alike. Debt settlement in Los Angeles can be a good option for those who have the financial resources to pay off their debt in a lump sum, in exchange for reducing the cost of the debt. Rather than paying the full amount, a negotiated settlement can be arranged, often for just pennies on the dollar.
Those who do not have access to liquid assets or cash may want to consider debt consolidation, rather than attempting to secure another loan above and beyond already existing financial commitments. In many cases, debt consolidation can resolve a serious financial problem for a business owner in LA. The advantages include:
- Lower monthly payments
- Get debt paid off in a shorter period of time
- Put an end to creditor harassment
- Lower interest rates on existing debt
- Avoid bankruptcy or foreclosure
- Eliminate the need for additional loans
- Get you back on the road to financial stability
If you are worried about debt settlement or consolidation having an impact on your credit score, you have no need for concern. Debt consolidation can help you pay your debts off more quickly, and in full., so the impact on credit is not a serious problem. Find out more about debt consolidation and debt settlement from a law firm that has an impressive track record of success. We go the distance for you, and our goal is to get you and your business out from under crushing debt problems.
Legal Counsel for Those Seeking Consolidation or Debt Settlement in Los Angeles
To find out more about debt consolidation and debt settlement in Los Angeles, call DCDM Law Group, PC to schedule a private consultation with one of our attorneys.