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Question
I would like to know if it is in my best interest to change the name of my company. I am in the process of filing bankruptcy that would include some debt I have incurred on personal credit cards to start business. I will be downsizing the company & moving location to cut overhead to survive in these economic times. My question is that my some of my debt is attached to my business (name) should I change the name to my company If I have 2 of the 8 cards going into bankruptcy. When I move my location I do plan on having putting it in LLC it is currently it is in a partnership. I am in the state of Ohio.
Chavela:
Thank you for your question. I am not a bankruptcy attorney and highly suggest you discuss these matters with someone who is. With regards to changing the name of your company, I really don't believe it will matter because unless this is truly debt attached to your business tax id only, than it is highly likely that you have placed a personal guarantee on it. If filing for personal BK, these debts even though they may not appear on a credit report or have your business name along with your own on the statement or card may need to be included in your bankruptcy. It seems futile to remain in debt if what you look to achieve in a bankruptcy is a debt free life. You may need to run your business on a cash and carry basis going forward until you can establish some business trade lines in the future. Check all of your questions out thoroughly with an attorney before filing, and make sure that once in the BK you understand what if any obligations will remain. I wish you good luck.
Respectfully,
Christine Janklow
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Answers by Expert:
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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