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My opinion differs from the majority. First of all, the other owner didn't say that you never had to repay the amount (i.e., the debt was being forgiven). Second, you admit that you owe the money to the company, with the only issue being your ability to repay it. I say that you abide by your oblgations and propose a payment plan that you can live with (don't over-commit) or agree to pay him a reduced amount in a lump sum now to resolve it. Usually the discounted, lump sum payment is the best way to go, since it is cheaper in the long run and cuts all of the ties with your former employer. It is usually more palatable to the creditor, since they want to get some cash out of it and move on. If you have to, borrow the money from a family member to come up with it. Good luck.
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