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 Due to hardship incurred by a failed restaurant and maintaining my current one through city changes and construction, I have run out of time in keeping my restaurant open. Who should I seek and/or what is the best way to close my business and handle my overwhelming debt (remainder of lease term plus vendors, plus loan from failed restaurant)
Answer Dear "B":
Thank you for your inquiry. I regret that your business did not survive and that you are left with such overwhelming issues. Based on what you have briefly described I can only comment on what would apply to handling your debt issues. Please seek the advise of an attorney to legally close out your business entity.
Remaining debts, if NOT personally guaranteed may be deemed uncollectible if the business is gone and no assets remain to liquidate or utilize for payment. If you personally guaranteed any of the trade lines you mentioned, than creditors will look to you for collection of the liability. You have several options if you deem the debt is yours:
1. Continue to make payments until debt is satisfied.
2. Consolidate, through a loan or equity (note that this will secure any unsecured debt)
3. Settle the debt at a discount, you can do this or engage the services of a commercial debt mediation firm (Such as the one I represent - consumer firms do not handle vendors, leases or business lines.)
4. File a Bankruptcy
I am sure you recognize that this debt did not occur overnight and without immediate funds to pay it off, will not disappear overnight. The important thing is to get a handle on it early by planning and if possible through professional debt management. I wish you the best in finding a solution that is suitable to your needs. If you found this answer helpful, please take a moment to rate it so others may benefit from it as well.
