Is debt relief law available for businesses?

Yes, debt relief law is available for businesses in California. Businesses can take advantage of the California Business and Professions Code which offers several different types of relief. Through section 1719, businesses can file for a petition and court order to reduce the interest rate of an existing secured or unsecured debt. This can help relieve a business from financial burden and provide more stability. Businesses can also take advantage of a bankruptcy filing. This allows a business to restructure the debt they owe and develop a payment plan that is suitable for both parties involved. Bankruptcy is a powerful tool which can help businesses reduce their overall debt and get a fresh start. California also has protections in place for businesses to keep their creditors from taking legal action if they cannot make payments. Through the California Civil Code, businesses can request temporary relief from debt collectors. This can help businesses protect themselves during times of financial difficulty. Overall, debt relief law in California offers businesses several options when it comes to managing debt. It is important for businesses to look into the different types of debt relief law to help keep their business financially healthy.

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