Hire a firm that specializes in restructuring debt

The goal of these companies is to restore your business profits by reshaping your balance sheet and profit and loss statements. If your debt ratio is 50 to 70 percent, consider consolidating your debts.

I recommend: Business Capital offers a free consultation on restructuring business debt and avoiding bankruptcy. Lloyd Benton & Taylor, a corporate debt restructuring firm, has more than 20 years experience helping public and privately held corporations. GE Commercial Finance has an online form to help you find the right financing.

Seek help from a debt management company

This is an option if you've been late on several payments and some have gone into collections. Check out how often the agency pays creditors, if it has a reserve fund and if it's a member of the Better Business Bureau.

I recommend: BusinessDebtCounseling.com will help restructure your debt. Commercial Credit Counseling converts short-term debt into manageable long-term accounts. SmallBusinessLoans.com says it restructures debt for small businesses. Loofbourrow, based in New York, has a division called Distressed Advisory and Restructurings that includes debt refinancing.

Turn to lawyers

Attorneys who understand the nuances of bankruptcy law and want to keep you away from that may be best suited to help you refinance your debt.

I recommend: YourDebtLawyer.com is a law firm that specializes in restructuring business debt with its team of attorneys, accountants, financial planners and business executives. You pay on a results-only basis.