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Question
Our business is a LLC in California. We incurred business and personal credit card debt remodeling and startup for this business over the last 3 years. My question is if we file personal bankruptcy, will it cover those business credit card balances without affecting the LLC? If so, how can we avoid jeopardizing the business and get rid of all of the credit card debt.
Dear Aleta:
Thank you for your inquiry. I regret that you have encountered financial hardship in your business. It seems you have a mixed bag of personal and business debt. I am not sure what your goal is or your financial situation, but if you are presently making payments to creditors and just can't continue to lay out money and get nowhere, you might want to consider commercial debt settlement prior to filing for bankruptcy. It is far less damaging to both business and personally guaranteed business debt and you won't lose control of your assets, business or time spent dealing with this. Although I don't usually solicit but you may qualify for debt restructuring and may want to request a consultation with the company I represent (See my bio for more info.) We are a leader in our industry and have been helping businesses eliminate unsecured debts for less than what is owed for over seven years - and we too are the only company of its kind in California. Otherwise, if you have not already done so an you feel a bankruptcy is the only way to go, than you should seek the advice of a competent attorney. I hope you find this helpful.
Respectfully,
Christine Janklow
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Answers by Expert:
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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