AboutChristine 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.
Organizations Turnaround Management Association; Los Angeles area
Publications 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 and service providers.
Question QUESTION: Christine,
I am a partner in a CA LLC. We have a SBA loan for the business we started.
the business failed and now my husband and I are facing BK. My partner
however, is very well off and the financial loss has not really affected her. In
fact, she wrote a check from her savings to pay off her half of the SBA debt.
My husband and I don't have the money to pay my half. Worse yet, when we
signed for the loan, the bank did not lien our house, just my partner's. I am
guessing because our's was over mortgaged and she owns her $1.5 outright.
We have since lost our house and the failure of my business coupled with the
slow CA construction market has put us in a hole we can't get out of easily.
She is VERY upset that we cannot pay our half. I have talked to the bank and
they said as long as I make the payments nothing will happen to her house,
but when I claim BK they will demand payment in full. She has said there is
no way she will allow that loan to stay on her house for the next 10 years
while I pay it off.
Is there something I can do? Can the SBA itself help me? Any advice you can
give will be of help.
Thank you for your time,
Traci
ANSWER: Traci:
Thank you for your inquiry. This is a complex situation, and I would like to do a little research to see what options may exist for you. If you would allow me a few days after the upcoming holiday, I can look into it and get back to you. Meanwhile, if you can indicate how much remains on the balance and if payments are currently being made that would be helpful.
Respectfully,
Christine Janklow
Thank you.
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QUESTION: Christine,
Thank you again for your time. Please take as long as you need and enjoy
your holidays. $100,000 remains on the loan and the payments are
$1,460.00 per month. The next one is due Jan 09, 2008. We are current at
this point beause my partner paid her $100,000 in Dec. The bank would "let"
me just continue paying those payments, however it would be a financial
strain all the way around. $1500 a month would be difficult for us to come
up with every month and not going BK would only make our financial
problems even more difficult.
Traci
Answer Traci:
Thanks for your patience. I have done some checking around for alternatives for you. I spoke with the SBA who frankly have very little to offer. As I am unsure of what type of loan you have I assumed it was a bank issued 7A type. You stated that you have contacted the bank. Did you ask if they can restructure or lower the payments? Offer any forbearance (temporary payment relief) or lower the interest? Obviously the main concern is the protection of your former partners assets. The bank has you where they want you and stands to loose next to nothing if you default. The SBA suggested that you also contact a district office near you to get counseling and possible workout alternatives. If you are in CA, there is one in San Francisco and Los Angeles.
That said, I want to address your reason for looking to file a Bankruptcy? Do you have other unsecured debts you need dismissed? Have you considered debt settlement? Apparently you have already lost some of your major assets so how would BK help more than another type of workout? I want to recommend that you contact Debt and Credit Advisors which is a free service that can evaluate your entire financial picture and make a recommendation on options available and confirm if Bankruptcy is the best one for your situation. Please visit www.debtandcreditadvisors.com
Their recommendations along with possibly getting another plan in place to deal with your SBA loan, might spare you the need to look at BK. That should be your last resort. You can feel free to call me to further discuss your situation, by looking up the company I represent in my bio. I wish you the best and encourage you to seek every alternative you can.
