In this video, Jacqueline explains why entrepreneurs are in debt and what to do if they can no longer pay the debts. Entrepreneurs hardly escape debt. Debts are part of entrepreneurship. DFor example, most entrepreneurs take out a loan from the bank to invest in their business. The debts have to be paid off. Everything is in order as long as the entrepreneur can pay off these debts. However, many entrepreneurs have problems paying off their debts. When the debts cannot be paid off, more debts arise. We then speak of a problematic debt.
When you find that you can no longer pay the monthly fixed costs, it is time to get a clear overview of the financial situation. First look at the past. How much revenue have you made? Then look at the current situation. What is the current financial situation like? Then focus on the future. What is the expected turnover and how will it develop? Invest in a good accountant. When the accounts are in order you get a much clearer overview of the financial situation.
When the entrepreneur has problematic debts, bankruptcy is often thought of. This is often not the solution to get rid of the debts. If you notice that you no longer have an overview of the financial situation, immediately ask for help. The sooner you ask for help, the faster and better you can be helped. You can request help from the municipality. The municipality will then ensure that you can go through a debt repayment process. You do this directly with the municipality itself or with a debt counseling organization.
These debt relief organizations help entrepreneurs with debts. Together with the entrepreneur, they will look at what debts there are and how they have arisen. The purpose of the debt assistance is that the entrepreneur gets rid of his debts as soon as possible. In some cases, an entrepreneur can make a restart with his company. In other cases, the company is terminated.