My husband has an LLC. It was just a part-time business, and we are trying to sell it, but will never make back what we owe which is about $18,000 to Chase. The offer for the business is $8,000, maybe they will go up a little. We may be able to sell the vehicle separately for $2,000...maybe less. We are current on the Chase payments, but only have $1,000 in the bank - that's maybe two or three more months of payments. Do you think Chase will settle for $10,000??? How would you go about it, since we are not deliquent...yet. We would prefer not to stop paying them, but just end it as quickly as possible. We need to make a decision on the sale in a couple of days. I don't think we will get much more if we don't accept this offer, it's a rental business and the equipment is four years old and depreciates quickly.
Our only other option is bankruptcy. We have no other money to put towards this. We have a lot of personal debt as well. Since the new owners would be keeping the same business name, we would prefer not to have to file bankruptcy.
Our only other option is bankruptcy. We have no other money to put towards this. We have a lot of personal debt as well. Since the new owners would be keeping the same business name, we would prefer not to have to file bankruptcy.
