Business Debt/Business debt

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Expert: - 8/26/2008


Question
I have invested over $100k with a drycleaners that has done fairly well until recently. I am worried that my debt will become a strain on my family. Because of this, I have asked that I be added to the Corportation as the Vice President in an attempt to protect me legally from this debt. What else do I need to do?

Answer
CC:
Thank you for your inquiry. As I don't know anything about your entity or situation other than you are concerned about this money owed, my advice is limited. However first of all, I am not an attorney but just being assigned an officer of a corporation does not protect you from the liability of repaying debt if your business runs out of money. You more than likely personally guaranteed the debt through signature and SS#. Even if the debt has the name of the business on it for billing/reporting, unless you have taken painstaking measures in establishing and building up business credit that reports only through TIN# and is the businesses liability, you appear to be responsible. That is the perspective your creditors are likely to take in the event you default on paying them. The goal for you should be to come up with an aggressive repayment plan, or look at the possibility of restructuring your debt through commercial debt settlement. That would enable you to gain some relief on monthly payments, while having a majority of your money utilized to settle with creditors and get you out of debt once and for all.I represent a firm that specializes in commercial debt settlement. I would be pleased to offer you a confidential consultation at no charge or obligation regarding the latter option or at the very least to help you find the right option to resolve this issue. Feel free to contact me toll free at 800-630-9960 x 147 if interested.

Respectfully,

Christine Janklow

Business Debt

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Christine Janklow

Expertise

As President of SettleSource,Inc. a business debt settlement firm, I invite you to inquire about all aspects of business debt solutions to best determine which may be most appropriate. If you have questions such as: What is debt settlement and how process provide debt relief to my business? What options are available to deal with my business debts? Is it possible for a business owner to negotiate their own settlements? Why is debt settlement preferable to filing a bankruptcy or debt consolidation? Why are creditors willing to provide settlements to a business? How will settling debts affect credit scores? or How to rebuild a business after debt is eliminated. Please ask it now! For more information regarding how debt settlement can help your business, please visit www.SettleSource.com and place your inquiry. Mention All Experts to have a confidential no cost consultation with Christine. If this is your business situation time may play a very important factor in getting matters resolved proactively before they have negative affects on the business.

Experience

My expertise is specific to providing business solutions that will have profound positive impacts on the financial health of businesses. I have 25 years experience as an entrepreneur and have developed national sales programs; strategic alliances; product development; marketing programs; business and turnaround plans and debt settlement programs all providing methods to improve the financial outlook for large and small businesses. In the area of commercial debt settlement I have over 10 years experience working with large and medium corporations and closely held businesses to enable successful debt reduction and turnaround. I am a professional debt arbitrator and have negotiated with major banking institutions as well as vendors, suppliers and other trade creditors.

Organizations
Provisors;Turnaround Management Association; Los Angeles area

Publications
Accounting Today; Web CPA; National Restauarant Association;Los Angeles Daily News; Today Magazine Monthly series of business articles entitled "Brand News."

Education/Credentials
Bachelor of Business Administration; Associate of Arts Merchandising

Past/Present Clients
American Airlines, American Express, Safeway Inc., New York Life, consumer products manufacturers; retailers, food service industry and other small businesses and service providers.

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