Similar to consolidation, renegotiating debt terms with creditors can lead to more manageable repayment schedules, reduced interest rates, and possibly even forgiveness of a portion of the debt. Our attorneys at Raiser and Kenniff, P.C. use their extensive experience and negotiation skills to advocate on behalf of businesses. We aim to secure more favorable terms that can alleviate financial stress and provide a clear pathway towards debt resolution.

Examples of how debt may be renegotiated include:

• Interest rate reduction: Lowering the interest rate on outstanding debt can significantly decrease the overall repayment amount, making monthly payments more manageable.
• Extended payment terms: Lengthening the repayment period can reduce the monthly payment burden, giving businesses more breathing room in their budgets.
• Principal reduction: Negotiating a decrease in the principal amount owed can lower the total debt, potentially saving the business substantial money.
• Interest forgiveness: In some cases, creditors may agree to forgive a portion of the accrued interest, thereby reducing the overall financial obligation.
• Waiving penalties and fees: Creditors might be willing to waive late fees or penalties, easing the financial strain and simplifying the repayment process.
• Alternative payment plans: Customizing payment plans that align better with the business's cash flow can help ensure consistent and timely payments.

Debt Settlement & Payment Plans

Structured payment plans can make debt repayments more predictable and less intimidating. Our team works with clients to create customized payment plans that align with a business's cash flow and financial capabilities. These plans are then presented as a potential option during negotiations with creditors.

This proactive approach helps businesses work toward debt repayment systematically and sustainably, preventing future financial crises and enabling businesses to maintain their operations without jeopardizing their financial health.

A structured payment plan may be appropriate in the following situations:

• Cash flow variability: When a business experiences significant fluctuations in monthly revenue, making consistent lump-sum payments challenging.
• Multiple small debts: Managing several small debts separately can be overwhelming; a payment plan can consolidate these into one manageable payment.
• Unexpected financial setbacks: Unplanned expenses or decreases in revenue necessitate a revised approach to managing existing debt obligations.
• Need for financial stability: Businesses seeking to create a more predictable and steady financial environment can benefit from a structured payment plan.
• Debt prioritization: When prioritizing which debts to pay off first is essential, a payment plan provides a clear strategy and timeline.
• Creditor negotiations: If creditors agree to modified terms, a payment plan can outline the new schedule and amounts, ensuring adherence to agreed terms.
• Budget restructuring: A payment plan helps businesses align their debt repayments with newly established or restructured budgets.
• Preventing legal action: Implementing a payment plan can demonstrate a business's commitment to resolving its debts, potentially avoiding creditor lawsuits or collection actions.