Business is bankrupt

[hermes]

What is the name of your state? NJ

My business has been defunct for over 6 months officially, I had let the incorporation for the LLC lapse with the state. Now the business has about $1000 in debt how do I settle with a law firm debt collector that was not willing to negotiate for a lower payoff (even though the debt is fees and interest at this point). They already filed a request with the court.

So how can I officially if it is not already state my business as out of business without paying an arm and leg on legal fees (it's not worth it for minor debt... and I'm broke).

I want to settle a percent with them not pay that debt which is crazy fees. How do i negotiate?


Mike

 

[Zigner]

What is the name of your state? NJ

My business has been defunct for over 6 months officially, I had let the incorporation for the LLC lapse with the state. Now the business has about $1000 in debt how do I settle with a law firm debt collector that was not willing to negotiate for a lower payoff (even though the debt is fees and interest at this point). They already filed a request with the court.

So how can I officially if it is not already state my business as out of business without paying an arm and leg on legal fees (it's not worth it for minor debt... and I'm broke).

I want to settle a percent with them not pay that debt which is crazy fees. How do i negotiate?


Mike

Why do you think the collector has to settle for less than he's owed?

 

[hermes]

Why do you think the collector has to settle for less than he's owed?

Well the business is gone.... when business go bankrupt there is no cash.... it's not a happy time.... this is something I would pay personally as an officer of the LLC but as for the business there is no money there.

 

[Ledrak]

What is the name of your state? NJ

My business has been defunct for over 6 months officially, I had let the incorporation for the LLC lapse with the state. Now the business has about $1000 in debt how do I settle with a law firm debt collector that was not willing to negotiate for a lower payoff (even though the debt is fees and interest at this point). They already filed a request with the court.

So how can I officially if it is not already state my business as out of business without paying an arm and leg on legal fees (it's not worth it for minor debt... and I'm broke).

I want to settle a percent with them not pay that debt which is crazy fees. How do i negotiate?


Mike

Im not an attorney, but I don't think being "officially" out of business is going to save you from having to repay a debt. If the collector doesn't want to settle and wont accept payments, then there's probably nothing you can do outside of going to court. You could have the company file bankruptcy and that would take care of the debt, but as an LLC you may have some personal liability to the debt (not sure on that).

Honestly, $1000 is not that much. If most of it is fees and interest, I'd just talk to the person you owe and see if you can work out a deal to repay him the original amount that you owe.

 

[HomeGuru]

What is the name of your state? NJ

My business has been defunct for over 6 months officially, I had let the incorporation for the LLC lapse with the state. Now the business has about $1000 in debt how do I settle with a law firm debt collector that was not willing to negotiate for a lower payoff (even though the debt is fees and interest at this point). They already filed a request with the court.

So how can I officially if it is not already state my business as out of business without paying an arm and leg on legal fees (it's not worth it for minor debt... and I'm broke).

I want to settle a percent with them not pay that debt which is crazy fees. How do i negotiate?


Mike

**A: threaten to file BK.