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Business Debt/personnal bankrupcy and starting a new business

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Expert: - 6/2/2009


Question
My husband and I think of filing bankruptcy for our personal debt. We had gotten an EIN # for our business already but have not done much until now getting it going. We did cooperate it but if we do file for bankruptcy will that effect on our business that we are just staring to get going. The business has nothing to do with our personal debts, its other things that have caused that.

Answer
Marci:
Thank you for your inquiry. If you are planning to start a new business, and have recently filed for personal bankruptcy it should not have any bearing unless you are trying to apply for loans, credit cards or the like to start the business. Lack of credit won't help you gain capital if needed and you will likely need some money to start the business. That said, I highly recommend that you do a business plan and forecast how much money you will need to run your business and get it to break even and repay your initial costs. If you don't know how to do this, than you can visit www.score.org for more information.

Best of luck in your new endeavor.

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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