Business Debt/personal quarantee

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Expert: - 8/27/2009


Question
This is my second question.  Is there any way to transfer personal guarantee to the partner of the business, sell the company when business loans are in collection?  I appreciate your response.

Answer
Anna:
Thank you for your question. To the best of my knowledge, there is no way to transfer your liability to another person, that did not originally sign as co-guarantor or is a spouse in a community property state. Regardless of your businesses status (operational or not), the debt is owed by you personally. If you has a partner that is able to contribute financially, then rather than worry about whom the liability falls upon, it behooves you to find a timely resolution to end collections activity either through a repayment plan, settlement or in worse cases bankruptcy. Unless your business is making money, it is unlikely that buyers (especially in today's market) are ready to take on additional debt, and that undermines your value and profitability. I recommend if you have some cash to settle with the creditors, or get a company (such as the one I represent) specializing in business debt settlement to do so on your behalf.

Best of luck.

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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