Advanta says they are taking me to court on my business acct

If they are willing to settle for 40% of the outstanding debt amount, I think that it is a good deal and you can negotiate with your creditor for a repayment plan and pay it off, if you can't afford to pay the entire amount at once. This is because if they sue you and bring judgment against you, it will greatly affect your credit score.

Yeah, you definitely don't want it to go to judgment if you can avoid it. The only way you should let it even go to court at all is if they are being unreasonable with working with you (and you would need documentation) and you literally cannot afford to pay them as they would wish. In that case, the court may make them accept your plan and then things would be better for you. Or if they were obviously violating the FDCPA.

40% is a good settlement, under what circumstances could you make that happen? 2 payments? 3? 4? Let them know (by Certified letter) and ask them to accept it.

Advanta is pretty aggressive so try your best to deal.