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Business Consultant and Entrepreneur All Tapped Out. – Sandy

“Dear Steve,

Business consultant and entrepreneur, full of great ideas, very short of contracting work for the past year, currently on state benefits, 50k in debts and growing (mostly credit cards), no assets (sold everything I could to survive), and hardly any income getting in, just bearly making ends meet every month, just about surviving.

Is the solution bankruptcy or is there another less painful way to look at?

Grateful for any help you can spare.

Sandy”

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The Answer

Dear Sandy,

You already know in your heart what you need to do. You’ve hung on to hope for a long time there would be another way, but there isn’t.

While you’ve felt you’ve been making it month to month, you really haven’t. That $50K in “growing” credit card debt is the testimony to that.

It’s time to put an end to the financial mess from hell and give yourself an opportunity to move forward instead of sapping all your strength, creativity, and energy trying to tread water to correct a situation that has imploded.

At this point you’d need to return to your previous income plus some to dig yourself out of this hole. And seriously, how likely is that going to be?

You can sell more stuff if you had it but that just postpones the inevitable at this point, not stops it.

Entrepreneurs are creative people, your best chance of success ahead is going to be from inspiration, not desperation.

Click here to find a local bankruptcy attorney you like. Go talk to them and then report back what you thought of what they had to say. If you don’t like the first attorney, find another. You deserve to be treated with kindness and respect, even in the crappy times.

Big Hug!

Business Consultant and Entrepreneur All Tapped Out.   Sandy
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About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
  • Sandy

    Thanks for this Steve, I believe I have one last card in my game that I am willing to play, before the dreaded B word enters my mind! ;-)

    This might turn out to be a winning card after all… All legal and fair play, promise!

    Will let you know if I win and how I did it! :-)

    Winners don’t quit and quitters never win…

  • Tom

    Sandy,

    My advice differs from Steve’s. If you have no assets left to protect, what will bankruptcy do for you? Any suit or judgment from creditors will be uncollectable. Consider ignoring your debts, i.e. do nothing. Depending on your state’s statute of limitations (I live in CA and it’s 4 years), unsecured creditors only have that time to file suit. Creditwise who knows. Bankruptcy stays on credit for 7 years and so do other collections.

    Tom

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