What about a business loan I cannot repay?
Date: Tue, 04/20/2010 - 17:24
I borrowed a $ 100K business loan from Chase with a personal guaranty attached. I had to shut down my business and still owe Chase $55K. My disposable income is too high to file Chapter 7 and if I file Chapt. 13, my bankruptcy attorney says all owe it all back. Are their debt consolidation companies that will help with this type of debt? Or does anyone have any experience dealing with Chase on this outstanding debt without affecting your credit like filing Chapter 13 does?
Anything other than full payment will affect your credit, but if
Anything other than full payment will affect your credit, but if you truly can't pay I'm sure the debt is negotiable just like a credit card. It actually may be easier to negotiate on that than on personal stuff. One of my cap one cards was a business card and they seettled, but cap one won't settle on my personal card (which was used for business only but wasn't an actual business card).
Once you are behind on your payments I would bring up settlement.
