Legal Question in Business Law in Minnesota

I have a bill through my business that I am trying to pay on of $21,000. I missed a couple of payments due to low income. I offered them $200 a month now until payed for and more when business gets better and they refused it and are going to start litigation. The business can barely afford the $200. The business has no assets and we are willing to pay on it until it's fully paid off.

Asked on 1/02/13, 2:56 pm

1 Answer from Attorneys

David Anderson Anderson Business Law LLC
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If the business is operational and has income, you run the risk of garnishment, and income disruption if they get a judgment.

If you absolutely refuse to hire a business attorney to represent your interest and negotiate a settled outcome ( I usually get unsecured debts 50-80% written off short of litigation),

lay your cards on the table ( provide full income / asset statement) and offer them a payment plan you can actually pay , backed up with a Confession of Judgment. They would be idiots not to discuss that option.

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Answered on 1/02/13, 4:38 pm

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