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 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.
