Are business debt relief services tax-deductible?

No, paying for business debt relief services isn’t tax-deductible. There may be tax consequences for any settled or forgiven debt. Consult a tax advisor for the tax implications of your situation.

Will business debt relief impact my credit score?

Your business credit score will be impacted if you’re late on any payments, settle your debt, or file for bankruptcy. This may recover over time. A DMP typically has a lower impact out of the various debt relief options as this pays your accounts in full. Whether your personal credit score is impacted depends on whether your business debt is personally guaranteed as this can affect your personal credit report if your business defaults on payments.

Can I negotiate business debt relief on my own?

Yes, you can negotiate business debt relief on your own without using a middleman. However, professional debt relief companies usually have established relationships with creditors, so they may be able to secure more favorable outcomes—for a cost.

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