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Business Debt/Questions
| Subject | Date Asked | Expert |
| SBA negotiations | 3/31/2011 | Christine Janklow |
| Q: During our divorce my husband and I had to do a short sale on a commercial building that our ... A: Alice: Thank you for your question. The Treasury will want all assets pledged on the loan liquidated ... | ||
| Is an S Corp business line of credit repayment treated as an "Expense" (reduction of income) on the shareholder's personal tax returns? | 3/30/2011 | Christine Janklow |
| Q: My family owns an S Corp that incurred $125K loan (over the last couple yrs) in a business line of ... A: Randie: Thanks for the question. I am not a taxation expert, however if the loan was taken and ... | ||
| Offer in Compormise with SBA | 3/28/2011 | Jason Milleisen |
| Q: Thre are 3 partners that guaranteed a SBA loan. The bank is only interested in pursing the funds ... A: The SBA always wants to know where the funds for a settlement are coming from, so sharing the ... | ||
| Offer in Compormise with SBA | 3/24/2011 | Jason Milleisen |
| Q: Thre are 3 partners that guaranteed a SBA loan. The bank is only interested in pursing the funds ... A: With regards to the SBA OIC, the first point I'd make is that even though there are 3 partners, as ... | ||
| sba loan | 3/21/2011 | Christine Janklow |
| Q: I own a construction business and in 2007 we were very busy,the future looked great and we were ... A: Danny: Thank you for your question. I regret that your business did not fare well during this tough ... | ||
| Business debt with personal guarantee with partners | 3/17/2011 | Christine Janklow |
| Q: Background: - The 3 individuals co-founded a California LLC - A California C-Corp was founded in ... A: Arthur: Thank you for the inquiry. The scenario you have described is unfortunately all to ... | ||
| Starting a homebased collection agency in Louisiana | 3/8/2011 | Michelle Dunn |
| Q: I'm interested in starting a homebased collection agency in Louisiana. I am currently a part-time ... A: Shayla, I would check out the groups available online in regards to starting an agency, for ... | ||
| Small business credit card outstanding debt dispute | 3/1/2011 | Michelle Dunn |
| Q: My question is similar to one posed to Ms. Jenklow on 6/20/97, but it's a little more dicey. In ... A: Sally, When you say both accounts I am assuming you mean the bank account and the credit card ... | ||
| Collection of Past Due Account | 3/1/2011 | Michelle Dunn |
| Q: My husband is a small home-based business owner working in turf equipment repair. He operates this ... A: Rhonda, His first step is to find out why or what the reason is the customer is "refusing" to pay ... | ||
| Small business credit card outstanding debt dispute | 2/28/2011 | Michelle Dunn |
| Q: My question is similar to one posed to Ms. Jenklow on 6/20/97, but it's a little more dicey. In ... A: Sally, In order to be a co-guarantor, you would have signed an agreement to that effect. There is ... | ||
| BUSINESS DEBT WRITE OFF'S | 2/23/2011 | Christine Janklow |
| Q: Our company was billed for valid web hosting services and related professional fees from Feb 2008 ... A: From the details you described, the company (service provider) whom you owed money to has gone out ... | ||
| Daycare Threatening Collections | 2/23/2011 | Michelle Dunn |
| Q: My infant attended a daycare center where we encountered a behavioral issue with her head teacher. ... A: Carrie, If you have the contract or agreement that you originally signed with the day care check to ... | ||
| business collections | 2/17/2011 | Michelle Dunn |
| Q: Am I liable for any fees to a collection agency if I settled with a debtor recently. I spoke with ... A: Tina, It depends what the contract that you signed with the agency says. It can also depend on if ... | ||
| personal debt vs. business debt | 2/9/2011 | Michael Fay |
| Q: Can credit card companies that I personal owe freeze the account of my L.L.C.company AND TAKE THAT ... A: Allen, the same answers apply. LLC and INC are two different types of the same thing and the law ... | ||
| personal debt vs. business debt | 2/9/2011 | Michael Fay |
| Q: Can credit card companies that I personal owe freeze the account of my L.L.C.company AND TAKE THAT ... A: Allen, There is not enough information here to fully answer that question, because I don’t know how ... | ||
| who assumes the debt? | 2/2/2011 | Christine Janklow |
| Q: upgrades, old debts, etc). The hospital was then "taken" by the state b/c of the default. There are ... A: When you say the "State" has "taken" over the business entity, it is unclear if they did so to ... | ||
| Bankruptcy | 2/1/2011 | Christine Janklow |
| Q: We own a small business that is not Incorporated, and unfortunately may have file bankruptcy. We owe ... A: Vicki: Thank you for your inquiry. I regret that your business did not fair well and have caused you ... | ||
| SBA Loan | 1/31/2011 | Christine Janklow |
| Q: I ran a in home daycare facility when the storm came through it did lots od damage. I was forced to ... A: Christina; Thank you for your question. It is regrettable that you have been dealing with a ... | ||
| Single Member LLC Dissolution and outstanding SBA loan debt | 1/30/2011 | Christine Janklow |
| Q: I am a single member LLC, which I use for my freelance production work. I filed for a Chapter 7 ... A: Mike: Thank you for your question. Your situation is common and needs professional advice. I am able ... | ||
| debt | 1/26/2011 | Christine Janklow |
| Q: Im beginning a merge with two other companies to become one new company. My one new partner has a ... A: Your partners previous liabilities will not affect your new business unless you intend to utilize ... | ||
| SBA back loans | 1/14/2011 | Jason Milleisen |
| Q: My small business desperately needed cash back in 2008 to make payroll. Chase Bank lent me an ... A: When an SBA loan is defaulted, the originating bank makes an assessment how "collectible" they think ... | ||
| Personal Guarantee Question as employee | 1/11/2011 | Christine Janklow |
| Q: I was laid off from a contracting firm in CA approximately 5 months ago. I have been aware that the ... A: Tara: Thank you for your inquiry. It is unfortunate that you have been subject to the fallout of a ... | ||
| Business debt after dissolution | 12/10/2010 | Michael Fay |
| Q: I just asked you a question about my former employer. I just realized that my lawyer stated that ... A: "Administrative dissolution" just means that the state dissolved the corporation for failure to pay ... | ||
| Business debt after dissolution | 12/10/2010 | Michael Fay |
| Q: I worked for a medical equipment S corp in Georgia that has recently dissolved. During my ... A: Kevin You are correct in that the corporation had a duty to notify creditors of the dissolution and ... | ||
| AMEX card | 11/30/2010 | Michael Fay |
| Q: This is some background information. I was trying to help a friend build his business so I agreed ... A: You probably cannot report the bad debt to D&B. The reason is that they do not accept unsolicited ... | ||
| AMEX card | 11/29/2010 | Michael Fay |
| Q: This is some background information. I was trying to help a friend build his business so I agreed ... A: While I do not know the particulars around the case, I believe that the attorney is WRONG! (and a ... | ||
| Should I file Bankruptcy before opening a buisness | 11/22/2010 | Christine Janklow |
| Q: my name is Nicole, My question is should I file Bankruptcy before I open my business? I had a ... A: Nicole: Again, it is highly advisable that you seek counsel with regard to timing of your financial ... | ||
| Should I file Bankruptcy before opening a buisness | 11/22/2010 | Christine Janklow |
| Q: my name is Nicole, My question is should I file Bankruptcy before I open my business? I had a ... A: Nicole: Thank you for your inquiry. Let me first preface this answer by indicating that I am not an ... | ||
| EIN, credit loans and 1 partner using my EIN | 11/18/2010 | Michelle Dunn |
| Q: My partner and me opened a joint business. We used my EIN to register the business. He has bad ... A: James, If your business is a partnership and you used the EIN for that partnership then you both ... | ||
| Valid Debt? | 11/10/2010 | Michael Fay |
| Q: Today I received a phone call from an attorney's office claiming to be collecting a debt. Almost 6 ... A: I would wait until you get “the letter” and then I would also report them to your state’s attorney ... | ||
| Valid Debt? | 11/9/2010 | Michael Fay |
| Q: Today I received a phone call from an attorney's office claiming to be collecting a debt. Almost 6 ... A: Tonya, Like you, I am suspicious of the claim(s) being presented (although probably not a suspicious ... | ||
| recurring notice of fee and late fee in dispute | 11/6/2010 | Christine Janklow |
| Q: After several months of no service, no repair, and no follow through to calls, we cancelled our ... A: Pam: Thank you for your inquiry. You did not state if you had signed a term contract with the ... | ||
| Drowning and scared... | 11/5/2010 | Michelle Dunn |
| Q: In 2006, my partner of 10 years and I started an S-Corp and purchased a Mini-mart. We put both of ... A: Steve, After reading through this is your question asking me if you should both file personal ... | ||
| Florida LLC Debt | 11/2/2010 | Michael Fay |
| Q: We have a disputed Bill with our accountant for our LLC tax returns. The accountant is threatening ... A: Brian, It is true that LLC’s and corporations are organized to protect your personal assets from ... | ||
| Dissolution & Debt | 11/1/2010 | Christine Janklow |
| Q: In June 2010 I incorporated a company in the state of PA. I am currently in the process of ... A: Anna: Thank you for your inquiry. As I am not an attorney this is not to be considered legal advice. ... | ||
| collecting loan from llc | 10/28/2010 | Michelle Dunn |
| Q: I gave a personal loan (with promissory note) to an LLC. They are struggling now,wanted me to take ... A: Mary, Can I ask why you did not want to take the equipment back? When you say you gave a ... | ||
| corp debt personal guarantee - no longer with company | 10/28/2010 | Christine Janklow |
| Q: I have a question. I worked for an insurance company that is an S corp. Last year my corporate ... A: Tara: Thank you for the inquiry. As you have stated, you have personal property in possession that ... | ||
| Responsibility of Electric Bill of dissolved S Corp | 10/25/2010 | Christine Janklow |
| Q: I am in desparate need of clarification of the unfortunate situation I am in. I had a business 4/09 ... A: Karen: Thank you for your inquiry. When you say you dissolved the S Corp. I assume you mean you ... | ||
| Corporate debt w/ personal gaurantee | 10/19/2010 | Michelle Dunn |
| Q: I purchased a skid steer loader for my excavating business in 2006, had to sign a personal guarantee ... A: Mike, They can require you to pay without putting it in writing when they offer you a settlement ... | ||
| S-corporation debt | 10/19/2010 | Christine Janklow |
| Q: I was involved as vice -president in a past family business of an S-corp with my father and was in ... A: Peter: Thank you for your question. This is a most unfortunate yet typical circumstance. First, ... | ||
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Business Debt
Answers by Expert:
Christine Janklow
Top Expert on this page
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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