Business Debt/Business Bankruptcy

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Expert: - 1/26/2009


Question
Hello, I am an owner of a business in california under a corp. We have owned the business for 2+ years now and as of the downturn in the economy we have been struggling with the business as you can imagine. My husbans still works elsewher to help meet day to day personal expenses but due to this crisis we have fallen behind on our debt. We had impecable credit for all our adult life and thisis all new to us. We would like to file bankruptcy for our personal debt only and not include the business but were told that the business would be shut down. We are wnating your advice to see if there is any way that we can keep the business and try to help it survive this difficult time? Thank you for your time.
Jeannette R.

Answer
Dear Jeanette:
Thank you for your inquiry. I do regret you and your business have come upon hard times, and although it is no conselation, you are not alone. If I understand your situation correctly, you have little ability to continue to service debt on the terms of the creditors. Furthermore, you have a business that is underperforming and does not provide enough income to sustain itself or you. If you have enough capital to manage fixed costs, employees, taxes, rent, utilities but not to pay more than the minimum payments on the companies debts you may be candidates for debt settlement. This is an option to filing for bankruptcy protection, a method to negotiate settlements on your debt which thus allows you to keep your business and attempt recovery. Without benefit of knowing your exact situation it is difficult for me to suggest the best course of action, and I would always encourage you seek advice of counsel regarding all available options. If you would like to explore your eligibility to enter a settlement program, such as the type my firm provides please ask a follow up, marked private and include your name, state of residence, email and phone number and I will get in touch with you for a confidential, no cost or obligation consultation.

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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