Category Archives: Business Debts

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

“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 [...]

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

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

“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 [...]

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

“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 [...]

The Bank Converted the Business Line of Credit to a Loan and Want More From Us. – Lisa

“Dear Michael, My husband and I lived comfortably and had a good run for the first 10 years of our 22 years of marriage. However, we helped others a little too much and then we ran into some issues when my husband lost his job and we were forced to open up his side business [...]

Attorney Wants to Know How to Make Ends Meet as a Patent and Trademark Lawyer. – Lillibet

“Dear Steve, I am temporarily unlicensed attorney (due to health matters), but have about 30 years experience in patent and trademark law. Throughout my career, I have noticed that few clients are ever willing to pay me for my work, yet are amazed at the results I get. In truth, I don’t bill clients for [...]

I’m Running Out of Money Fast. What Do I Do? – Dana

“Dear Steve, Self-employed single mom in flooring industry (ca) Real Estate owned (2) rentals-devalued but currently rented but combined after rents is -(negative) $300.00 per month. Currently living in my home devalued with equity line maxed out. Credit card debit on personal credit card debt on business (corp) business currently has $15,000.00 in cash Business [...]

I Have a Large Business Debt With Wells Fargo That is Charging Off. What Should I Do? – Lighttrick

“Dear Steve, I have large business debt that is charging off. i don’t really have funds to settle. how much trouble am i in? it is with wells fargo. biz line and biz cc. to the tune of $50,000. What is the best course of action? Lighttrick” The Answer: Dear Lighttrick, Well it is what [...]

I’m Looking for Your Free Debt Elimination Guide. – France

“Dear Steve, I have small personal debt I want to eliminate, reduce monthly payments ect.. My biggest problem is my startup company that is in debt. In order for me to keep the company going until it succeeds I need to be debt free. I have borrowed alot of money for this company and I [...]

How Do I Eliminate My Debt From My Failed Business? Michelle

“Dear Steve, I just recently closed my sailing charter business and I have several thousand in credit card debt as a result of the business. I also started back to college full time last January. How do I erase my credit card debt that is a result of my failed business? Can I get any [...]

Can I Sell My Business After My Bankruptcy? – Maria

“Dear Steve, My chapter 7 has been discharged in June…I was able to keep a business that I have had for 5 years because I do all the work, and there was no assets. My question is this. Someone that I know would like to take over my business and pay me $18,000 for it. [...]

I Don’t Even Know Where to Start. – Candice

“Dear Steve, I really thank you for your help in advance. I don’t even know where to start. Like many who write, we are at the end of the road financially. Married and over $80,000 in credit card debt, we can’t keep up. I’m not even sure what’s the exact total as I stopped checking. [...]

We Own a Small Business That Has Never Made Much Money. How Do We Get Out of This Mess? – Sierra

“Dear Steve, We own a small business for 11 years that has never made much money. my husband filed bankruptcy and put everything for the business in my name and all or our personal property, credit cards everything in my name. now we are in trouble with the irs because my husband did not file [...]

My Company Left Me Owing Bank of America and American Express. – Kevin

“Dear Steve, I currently owe 35k on a Bank of America Credit Card and 20 on an American Express account. These cards and balances were the result of me using the cards to run a branch location i had for a mortgage company and then the company would pay me off. Unfortunately, the company in [...]

My Husband My Lose His Job When We Go Bankrupt. – Angie

“Dear Steve, Current debt is close to $100K, between cards and home equity loans. We have recently listed our home and hope it sells within the next 6 months. If it does, we should make enough to pay all debt. If it doesn’t, we may have no other choice than bankruptcy, and in that case, [...]