“Dear Steve,
I have large business debt that is charging off. i don’t really have funds to settle. how much trouble am i in? it is with wells fargo. biz line and biz cc. to the tune of $50,000.
What is the best course of action?
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Lighttrick”
Dear Lighttrick,
Well it is what it is. At this point there are only three ways to manage the situation:
- Pay the debt off.
- Wait for Wells Fargo to take Some sort of action and deal with it then. This may be the debt is sold to an outside party or you may be sued.
- Talk to a local bankruptcy attorney and investigate filing bankruptcy to nuke the unmanageable debt.
Generally when it comes to business debts, Wells Fargo is rather inflexible and makes no special concessions.
What caused you to fall behind? Is the debt more of an indicator that the business can’t survive or is this a temporary situation?
Please post your responses and follow-up messages to me on this in the comments section below.
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
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