Question: I was reading that you do debt settlement. I don't think I need to file bankruptcy so I wanted to see what my options are. I live in Sandy Springs and I work off Windward Parkway in Alpharetta. I have got debt that my business has incurred over the years. I bought equipment from a firm in midtown Atlanta that I can't use anymore more but I still owe the money to the company that sold it to me. And I had to break a lease at my old office in Roswell off of Mansell Road because the space was too large and expensive when the business started to lose customers a few years ago. The landlord said he was going to sue me. I owe 7 years of rent. I am being sued by the equipment company now in Fulton County Superior Court.
I am trying to open another business so I would like to clear the debts up as soon as I can. What can I do to get these debts negotiated and settled? But if I have to file bankruptcy I guess I will. I can pay something but definitely not the full debt. Does debt settlement work for business debt?
Answer: Debt settlement may work for you. We do a large amount of debt negotiation for business debts. You want to pay at least a portion of the debt and it is likely that both creditors, the landlord and the equipment company, will want to be paid something without having to pursue you through a costly and time-consuming litigation process. However, they may wish to pursue you in the hope of getting more money awarded to them by the court than what you would pay them following a negotiation. Of course the creditors would then have to enforce any judgment they receive, and that is not necessarily an easy task.
Debt settlement really helps both parties -- the debtors who cannot pay all that is owed and the creditors who are often very happy to receive something.
We have often found that offers to creditors are met with negotiation and quite often deals are struck that benefit both parties. Each situation is, of course, different, but both debtors and creditors stand to benefit from a good faith negotiation that steers away from the costs and the uncertainties of litigation.
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