Business Debt/Bankruptcy

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Expert: - 2/1/2011


Question
We own a small business that is not Incorporated, and unfortunately may have file bankruptcy. We owe 350,000.00 in which 150,000.00 is unsecured credit cards and lines of credit. We owe on our home, and have a few vehicles that are paid for. 100,000.00 is owed on our building, 80,000.00 to vendors. If we file bankruptcy and liquidate the building and equipment, to pay off the building and vendors, can they come after my house for credit cards and unsecured lines? I am so desperate for some advice.

Thank you
Vickie

Answer
Vicki:
Thank you for your inquiry. I regret that your business did not fair well and have caused you such distress. If your business is insolvent, and none of the debt is personally guaranteed by you than it may be possible to simply close down and liquidate what you can to pay to your primary lenders (mortgage,unsecured if personally guaranteed, then vendors if any is left). If you have not yet consulted with a BK attorney, now is the time to do so to decide if that option is in your best interest and will provide the relief to get a fresh start. If you have not yet considered the option of settlement on your unsecured business debts that also may enable you to get some relief and maintain some of your current assets.You also may benefit from a commercial loan modification. These suggestions are very generalized as I do not know enough about your particular situation to be more precise. Therefore, I would like to offer you a confidential and personal consultation by phone at no cost or obligation to understand more about your situation and to help provide some guidance to what options might be best. If you are interested you may feel free to contact me by e-mail customercare@settlesource.com - Note "All Experts Questioner" in the subject line, and provide your telephone or contact info and the best time to reach you. I hope you find this information helpful and am pleased to be of further assistance.

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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