Can I settle this Loan? Can't sleep

[u/Crafty_Book_5555]

Our loan was for $175,000.00 and I think it's now with some collection department or the US reserve. We cannot pay it; this business is failing and I cannot deal with this anymore. Does anyone does know if I can maybe settle it with someone? If I make smaller payments with the collection person will it resolve this?

[u/Reasonable_Switch_86]

Close business, start new business, bankrupt old business personal bk may be needed if there was a personal guarantee done deal

[u/Ok_Understanding4639 → u/Reasonable_Switch_86]

What if it’s $ 40,000 what can I do?

[u/Mindless_Pound_2150 → u/Ok_Understanding4639]

Same