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Business Debts

Can My Creditors Take Other Business Property to Repay a Debt? – Dee

Empty Store at Shopping Center / Mall

“Dear Steve, Business owner of an LLC secured a contract worth $35,000 using 100% fully-owned equipment (fair market value of $50,000). Creditor has in his possession part of the equipment (part of a crane), while debtor has another piece to the crane. Creditor also has in his possession 3 other pieces of equipment, 2 which have had work/improvements done on ... Read More »

How Can My Business be Successful and Survive? – Akash

Drowning swimmer

“Dear Steve, Had an it company for 7 years , ran into debt over 1 million dollars. 2006-2012 I broke up with girlfriend( she was obsessive and over bearing, it’s a good thingr)…2011. I split with business partner , i handed over company in return for 50% of debt….2012. I can still use the software we built if want to.however ... Read More »

I Bought a Small Business. How Do I Get a Business Credit Card? – Eve

stolen idea

“Dear Steve, I recently bought a small business that my father established before his death about a year ago. The business consists of intellectual property (music he composed, books he wrote, a piano teaching method, and audio CD’s to accompany same) created and marketed solely by my father. For the past year since my father’s death, my brother has “unofficially” ... Read More »

My Merchant Account is Getting Lots of Charge Backs Because of My Fulfillment People. – Hendi

warehouse and worker

“Dear Steve, Doing joint venture with some people and now they don’t fulfill the clients order, ending up giving a charge-backs to my merchant account under my company name. Thank you for having some time to read this and respond to my questions. So my questions is do I have rights to file this to a debt collectors and try ... Read More »

Should I Buy a Shelf Corporation to Start a Business? I Have Bad Credit.

Question Theme

“Dear Steve, I’m starting a new business with poor credit and I was wondering if I should purchase one of these shelf corporations. Are the purchase of shelf corporations legal?” Don’t miss our free Get Out of Debt – “How To” Guide Series on a number of topics, for loads of practical advice, tips, and help to beat back debt. ... Read More »

I Run a Much Needed Non-Profit But My Finances are a Wreck. – Sher

Beautiful blond girl with sky as a background

“Dear Steve, We had a small business for 24 years (semi truck body shop); like most body shops, we felt the economic crunch prior to everything collapsing-when money gets tight, people repair their motors, not their bodies. Blew through all our savings keeping employees on as long as possible. We shut business down and my sig other started to collect ... Read More »

SBFC Law Group Said They Need to Fix My Credit First Before I Can Get a Loan. – Sylvester

Magnifying Glass - Q&A

“Dear Steve, I was trying to apply for a business loan and got in contact with Jason at the SBSC Law Group, 1 801 938 7227 who said that I had a debt that was over $10K and if I needed to get a loan from them for $700K I would need to work with them to get my credit ... Read More »

I Didn’t Get Paid and Have a Lot of Business Debt as a Result. – Alex

justball-144x125

“Dear Steve, I am a small business owner and last year I didn’t get paid for one of the project we were working, generating a debt of 180k liable to my business. I have a lawyer working on my case, but it may take a while till all this is solved. I had to let go all my employees in ... Read More »

Old Texas Debt Lingers and Haunts Me From Bar Kitchen. – Dan

justball-144x125

“Dear Steve, 13-14yrs ago I was a dumb kid on probation that thought he had a great oppurtunity here in Bastrop, TX. I sub-leased a kitchen from a bar owner and took on business partners. One of my partners skipped town after stealing the till, leaving me to determine how to keep business running minus the cash. My landlord raises ... Read More »

My Square Account Got My American Express Card Cancelled. – Chris

“Dear Steve, I live in Virginia. Yesterday I received a call from AMEX Financial Review office because they state I had been using my square device to “lend me some monies” from all 3 cards and this is a NO-NO. I did not know I explained but said nothing else. They want me to have my bank send them my ... Read More »

If I Personally Guarantee the Loan to Start a Company Am I Responsible for It? – Christina

justball-144x125

“Dear Jon, im about to start coorporation. the guy told me i can use my credit and be a personal guarantor. he says if my company goes south, my personal assets(home) would not be affected if i were to file bk on the coorporation? would my personal assets/credit be affected if i filed bk on my coorp and i was ... Read More »

My Husband Runs His Business Off Credit Cards. Now We Need to Get Out of Debt. – Megan

justball-144x125

“Dear Steve, My husband owns a successful family owned small business. He however had been taught from an early age, how to run it off of credit cards. We are at the point of 4 Credit Cards, with total of 100 K, and a line of credit of 85,000. He has committed to stop using Credit Cards to pay the ... Read More »

Where Do I Begin in Getting Our Nonprofit Group Out of Debt Quick? – Ejay

justball-144x125

I am the Treasurer of a non-profit non-stock corporation educational Institution which is a hundred one years old. It has assets of 411M, 410M in fixed assets, lands and buildings; liabilities is 22M. Cash as of this writing is 1M. It has a monthly operating expense 5M. Receivables until March is 6M. We have reached the maximum of our credit ... Read More »

The Business Failed and Five Years Later I’m Getting a Collection Call. – Davedo

justball-144x125

“Dear Steve, My parents started a business in 1998 in PA. I worked for the S- corp for 12 years as president. The firm went of business due to failures over time in managing revenue and costs….I could blame the economy but that’s a cop out. I used easy credit through credit cards to pay bills of mine and occasionally ... Read More »

I Have My Own Business But Have Debt at Work and Home I Can’t Handle Anymore. – Bill

justball-144x125

“Dear Michael, Two lines of debt, but both carried on personal line of credit. 1st is personal expense’s (unsecured about $60k), the other is business debt (self employeed unsecured, about $30k). Interest rates are high and dragging the pay off. The pass 48months, have paid $128,000.00 in CC payments, to knock down $27,000.00 on balance owed. Can not continue this. ... Read More »

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