Don't Consider Business Debt Management Until You've Read This!

I have a business with a very high debt structure, and we do not have enough cash to pay the bills. I have had no luck selling the business. We (my partners) mortgaged homes in order to finance the purchase of the business. The seller also gave us a deed of trust. In order to relieve some of the debt, we have placed our homes up for sale, but the real estate market is in the tank and we can't sell the homes. We have sent a letter to the seller asking for a 66% reduction in the loan balance, but no response. We have stopped making payments on the seller's note, and have been threatened with foreclosure. This is a complex situation. Thank you to anyone who has suggestions to help.

Can I liquidate the assets I have inside my business to pay off other debts that I have to recoup the money I have lost and then file bankruptcy on the rest of the loan? And if the contents of the business was part of the colleteral for the loan then I assume I probably can't do this….

lets say a credit card company filed for bankruptcy or some other serious problem where they went under. Will borrowers or the credit card holders have to pay back the current debt on their credit cards? because if they go under, their business is technically closed from obligations and will the borrowers not have to pay back?

I am challenging a debt that I do believe isn't mine. I know I have to write them certified mail to challenge the debt but I wish to include a time line for them that they have to respond back to me before it is consider voided.

Debt, Not Terrorism, Top Economic Risk
By DAN SEYMOUR,AP
Posted: 2007-08-27 10:55:23
NEW YORK (Aug. 27) – Bad credit has supplanted terrorism as the gravest immediate risk threatening the economy, a key national research group reported Monday.

but his business has slowed (He already works 70 hrs week). My question is how can we get out of debt before our credit gets ruined? We are -1,000.00 per month bringing in the cash. I am trying to find an extra job but already do real estate on the side which has been slow. Please someone help. Every month, something isn't getting paid. We tried trading in our cars for cheaper payments but owe too much.
Thanks for your help.

I have just under $3,000 in debt, all of which has gone to collections for lack of payment. There are several debts all between 4 and 7 years old and all are unpaid medical bills. (ambulance rides, emergency room services, etc) I can now afford to pay it all off but my lack of experience with creditors makes me weary to deal with them directly. Are there legitimate and trustworthy services out there that I can pay to do all the work for me? That's the only thing stopping me from paying these bills! I don't want to get screwed!

I have minimal capital to contribute to my start up and minimal personal debt. I downloaded the worksheet from www.self-help.org and have been reviewing the information on the site extensively. Has anyone ever gone through self help for a small business loan (approved or denied does not matter)? Was it a good experiance? Did they treat you like a person? Just trying to see if I should go "non-profit" versus a large financial institution for small business loan.

please i want the answer