You can settle down your debt with the help of loans.If you want to settle down your loans you can go with online fast loans.

Both debt consolidation and settlement can be looked upon as bankruptcy alternatives but the payments in the consolidation plan are higher than settlement followed by BK. Chapter 13 is allowing you repay the debts under a certain payment plan fixed by the trustee in the presence of your creditors. Speak with your bk attorney and get all your queries answered.

Your assets would have been liquidated if you went the chapter 7 route. In chapter 13, you don't lose anything. If you are interested in the consolidation route, go ahead. BK will stay in your credit for 7 years. Consolidation will be shown in your file until you are using the program.

No one other than you knows better about your financial condition. The consultant or your bk attorney will also suggest you the same thing if you can afford the payments in the consolidation. If this doesn't work, chapter 13 is the next best thing for you.

I wonder if the landlord leases the space to someone else, do you only get penalized for the months the space was empty. I would check with a lawyer on this.

It’s impossible to predict an outcome on an office lease.

It’s entirely based on your situation, the position of the other side and how the other side will react to the offer. We have tons of data on banks and retail card grantors and what outcome to expect but leases are “one offs”. You might have the best reason in the world for them to take pennies on the dollar but it’s not always that easy. Total Debt Freedom has a policy and reputation to under promise and over deliver. In this scenario we would only take it on pure contingency so you know we are working in your best interest.

Before you call us for help; first try to sublease it since that’s the most cost effective way to deal with this contractual obligation.

Thanks for your advices.

I'm trying to sublease whole space now but with little success.

RichardC

From your experience, how low outstanding lease can be negotiated?
I favour debt settlement option since it will have less effect on credit history.

Thanks

Try and sublease the space first; going bankrupt or debt settlement for the outstanding lease is a waste on this one.

I would only look at bankruptcy if you have nothing, you can keep your house but any equity there is paid to the estate. We did some debt settlement work in the past on a similar situation and got the outstanding lease chopped down very low so thats a good option too.

Have you tried to sub lease it to someone else and hopefully the sub leaser will be successful and they will save you a lot of headaches? I believe if you file for bankruptcy, you can still keep your home.

To all Pros out there,

I signed indemnity agreement with landlord for 5 years garanteeing personally commercial lease. Now after one year I'm considering to break that lease as business is not profitable and eating up my personal savings as well.

The landlord rent for 4 remaining years will be about $230K.

Since I bound by indemnity agreement landlord has right to recover those money.

I don't have that money to pay to landlord nor I have much assets that landlord can take. My house has little if nothing equity, no expencive car, jewllery...
My husband also signed the indemnity and he has full time job.

I assume that landlord will go after remaining rent. What would be the best option to deal with landlord here. Debt Settlement or Bankruptcy.

Thanks