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About Christine Janklow
Expertise
As President of SettleSource, 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! 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 in specific to providing business solutions that will have profound positive impacts on the financial health of businesses. I have 20 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.
Organizations
Turnaround Management Association; Los Angeles area
Publications
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 and service providers.
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You are here: Experts > Business > Small Business Information > Business Debt > Payment Plan
Expert: Christine Janklow - 9/29/2008
Question
I have a commercial lease that I am still tied up in for another seven months. I had to close up shop nine months ago. I am behind in paying rent, but I met with the landlord representatives and we worked out a payment plan which I have been paying dutifully for the last six months. Now they have decided they want all the money in full (which is impossible). What can I do?
Answer
J:
Thank you for your question. I realize the difficulty of your situation. You have (it seems,) done as much as you can do given the current economy. If you can, calculate the remainder of what you owe and whatever you can pay now as one final payment and offer it as a settlement to satisfy the remainder of your agreement. Let them know the tremendous financial strain this is causing you and any more pressure, might push you to seek more extreme measure such as Bankruptcy protection. They will attempt to put extreme pressure on you no matter what, and may even threaten to sue you. Assuming you have no assets for them to attach to, they cant get what you do not have to give. It is probably better for them to take this as a loss or better yet a reduced settlement and move on. Your other option is to hire an attorney or a professional business debt management company to take over and settle this out. I hope this helps. Good luck.
Respectfully,
Christine Janklow
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