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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2841
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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I have a s corp business that is not able to pay 3 venders

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I have a s corp business that is not able to pay 3 venders right now and they are telling me they will sue if I do pay. What are some of my options please. I have paid some small amounts but, I need to regroup my business is slow and I need to make through these difficult times.
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 7 years ago.
You have numerous options here.
1. you can negotiate with your creditors to get a repayment plan.
2. you can sue your employee for the unauthorized charges
3. you can close the business
4. you can file bankruptcy for the business and or personal bankruptcy if there are personal guarantees on the debts.
5. You can always send the creditor what you can with an explanation of the situation
Terry L. and 3 other Bankruptcy Law Specialists are ready to help you