Debt Settlement - Debt Settlement or Bankruptcy??? - Canada

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RE: Debt Settlement or Bankruptcy???

Postby DebtHelpNow » Thu Sep 23, 2010 05:03:45 PM

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RE: Debt Settlement or Bankruptcy???

Postby teal1066 » Tue Aug 24, 2010 04:34:23 AM

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.
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RE: Debt Settlement or Bankruptcy???

Postby average_joe » Wed Oct 14, 2009 10:57:08 AM

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.
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RE: Debt Settlement or Bankruptcy???

Postby RichardC » Wed Oct 14, 2009 08:40:43 AM

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.
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RE: Debt Settlement or Bankruptcy???

Postby no_debt » Tue Oct 13, 2009 02:08:32 PM

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
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RE: Debt Settlement or Bankruptcy???

Postby RichardC » Tue Oct 13, 2009 12:59:34 PM

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.
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RE: Debt Settlement or Bankruptcy???

Postby average_joe » Tue Oct 13, 2009 10:21:07 AM

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.

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Debt Settlement or Bankruptcy???

Postby no_debt » Tue Oct 13, 2009 07:59:10 AM

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
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