There's an old joke about a bar owner who bragged, "I opened this place 15 years ago with $78 in my pocket and boy, have we made progress! Today, I'm $298,000 in debt!

No doubt about it, debt can kill a small business, and seriously hurt your chances of reaching a finance company for a small business loan or other financing.

So here is an important thing to remember: Managing your debt load is just a piece of your overall debt puzzle. And recognizing red flags that indicate you are in trouble is another.

The bigger picture - how debt can impact your small business, the steps you can take to control debt, credit and borrowing issues, and who to go to for help if you need lending help - those are the underpinnings of the debt management structure.

It's also important to understand what debt management is not.

It's not, for example, another name for bankruptcy, although that's a common misnomer. Debt management doesn't mean you are in bankruptcy, or even on the way there. Bankruptcy is usually reserved for those who can't pay their debts and need legal protection. Debt management is reserved for those who can pay their debts, but need a little help in doing so.

Put it this way:

Bankruptcy is permanent and debt management is temporary.

Bankruptcy is for small business owners who don't even have enough cash on hand to pay for food and shelter. Debt management is for people who can't afford to pay all of their debt obligations.

Bankruptcy is for small businesses that have no money to pay creditors. Debt management is for people who have simply fallen behind on their payments to creditors.

Bankruptcy is for small business owners who can only afford to pay cents on the dollar on their debts. Debt management is for people who plan on paying 100% of their debts (with a potential break on interest, depending on the good graces of their creditors).

Bankruptcy is for small business owners who will soon lose some, most or all of their assets. Debt management is for people who don't lose assets.

Bankruptcy is for small business owners who may never get credit again. Debt management is for people who will get credit again.

In short, debt management is a viable alternative to bankruptcy for those entrepreneurs who can afford to meet their debt obligations. But note that, if a bleak debt situation goes largely ignored, the path from debt management to bankruptcy can be a short one.