Senario

My company (C corp.--I own 100%) liquidated a year and a half ago (no bankruptcy). Except for one outstanding loan, all debts were paid. The loan was sold in December 2001 to a collection agency. They want to collect and are offering a 50% discount on a payoff. But it is still way too much for me to assume personally.

Question: Can I expect them to go below 50%, and if so, how much? If I still can't afford to pay it myself, should the company just file for bankruptcy? What would be the ramifications personally, if any? The loan was signed by me, but no personal collateral was required.

What should I do?

[nailtech]

I dont know your answer, but I do have a suggestion, from personal experience... get it in writing (before you pay) what ever deal you agree on so it wont bite you in the butt in years to come.. like it did me...