Testimonials

From the President of a Gift Catalog Company in MD

I would like to extend my appreciation to American Finasco for the outstanding results of the service that was provided to my company. I discovered American Finasco through their website during my search for an organization that assisted commercial businesses experiencing financial distress. We assigned 127 creditor claims that totaled $315,643.00.

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6/16/06 - The following article was recently published in the Houston Metropolitan Better Business Bureau Newsletter.

The Proper Business Debt Help And Information Could Literally Save Your Business From Bankruptcy

By: Gary Milleson, President / CEO, American Finasco, Inc. & BBB Marketing Committee Member

Any business, no matter what size can become susceptible to serious financial difficulties.  If you are a small business you probably know that too much debt can cause a hardship on your business.  As the delinquent debt problems worsen, this hardship can become stressful and have you facing the possibility of bankruptcy. Commercial Debt Management has helped thousands of companies turn their financial situations around for the better.  The benefits of a Commercial Debt Management program are: The creditor calls will cease, it will buy you time with those creditors and most importantly your debts can be settled with payment terms that are within your ability to pay.  Once a debt moves into the legal system, more time and money is wasted by business owners responding to notices, court hearings, attorneys etc…. when all this could have been prevented.  A Commercial Debt Management Company has trained professionals who specialize in creditor negotiations and give all parties an opportunity to step back and look at all options for a settlement.  The overall goal is to settle your business debts to everyone’s satisfaction without going through the legal system. 

As of October 2005, the new Bankruptcy Reform Act has changed and makes it more difficult for “small businesses” considering bankruptcy.  Some changes applied to these businesses with $2 million or less in debt are:

1. Company must file a most recent financial statement and federal tax returns.  Additionally, a plan must be confirmed within 175 days.  While the case is pending the business must file periodic financial statements, including information on profitability, projected cash receipts and disbursements. 

2.  In small business cases a court can determine that a separate “disclosure statement” is not necessary because the re-organization plan submitted provides enough information.  3. New grounds for dismissal includes unauthorized use of cash collateral, failure to maintain appropriate insurance  that poses a risk to the estate or to the public and failure to provide information or attend meetings requested by U.S Trustee. 

4.  Non residential leasing real estate, the debtor would have either assume or reject the lease, having only 120 days.

If your business is under scrutiny and tax debt, it can create a lot of pressure on you. After all we are talking about your life’s earning and savings here! At such an emotional and financial trying time, if you get the much-needed advice from a debt pro, it can make all the difference between successful business and bankruptcy. Remember knowledge is power.  By educating yourself about your business debt help options now, you will save yourself time, money, stress and aggravation in the future.

 

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Stephen Wright and Guest Mitch Vicknair, American Finasco - Price of Business