Question Is this a good idea?

[maxwellshift]

I am having financial trouble paying back a business load of $90,000. I received a letter from the lender demanding payment in full. I spoke to their debt collector who wants me to pay $2000 per month but I can not afford to make that payment. I spoke to a debt consolidation company who promised to reduce the debt by 60% and they estimate I will have to pay $1400 per month + pay them $18,000 in fees, but this is still too much. I am planning on making a monthly payment of $200 until I can afford to pay more.

Question:
1. Is this a good idea?
2. If the lender decides to take this to court would the judge view my monthly payments as an indication that I have not abandoned this loan and possibly make a judgment for an amount that I can afford to avoid bankrupts?

[Minnymouth]

Well, $200 a month won't even put a dent in this loan if it has interest and late fees added on each month........

More than likely the loaner will not accept this anyways and file suit.

If you have other debts that are bogging you down, then filing bankruptcy may be an option you might consider.

You need to discuss your financial affairs with a bankruptcy attorney and see what he tells you. You need one that deals with business/personal bankruptcies especially if your business and personal affairs are inter mixed.

Keep us posted.