Business Debt/avoiding bankrupcy

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Expert: - 4/28/2009


Question
our company is in the construction business. we have lost 13 contracts in the last year to the downturn in our economy. last year i purchased a Building for over one million dollars. of course i have signed personally for the note and others as well.
we are heading down a one way street with no where to turn. I have investigated bankruptcy ,really not an option.

I am 65 years old with a retirement fund invested in property and rentals. This represents all the money that I allocated for retirement. how can I go out of business and save what I have. Is their any other solution?

Answer
Bob:
Thank you for your inquiry. I regret that you find yourself in a difficult financial situation. You like others have elected to invest in secure property which unfortunately has retained less value of late. If you have not already applied for forbearance or modification of your loans through your lenders, you need to investigate if those programs are available. You may also be able to apply for an SBA loan to help cover some of those servicing costs temporarily. Although the SBA may require collateral as well as personal guaranty. Based on what you have described, it appears your biggest concern is this real property liability, I am not sure if you are servicing other unsecured debts like credit cards, lines of credit, vendor etc. If so, those trade lines can be restructured much more easily, possibly enabling some monies to be freed up to use on the secured debt. My firm specializes in the latter, so if you are interested in exploring that, you may visit the site listed on my allexperts page. I hope that you find this helpful and encourage you to seek as many options as you are able to.

Respectfully,

Christine Janklow

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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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