Tag Archives: business-debt

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 [...]

We Used Money From Sales to Keep Our Small Business Going. – RJS

“Dear Steve, My service based LLC business has about 100,000 in debt, for equipment that was sold this year. We do service and new equipment sales and when our service was not doing so good we ended up using the sales to keep us afloat. There is no garuntee of any kind, no signed documents [...]

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 [...]

Is Your Business or Life A Debt Trap? Or Is Your Optimism Keeping You Poor?

The following guest post was contributed by by Neal Frankle, Certified Financial Planner in Los Angeles. He blogs at WealthPilgrim.com If you would like to contribute a guest post, click here. Ed, a friend of mine just lost his house and his business. It happened because he was too optimistic. And as you’ll see, even [...]

We Closed Our ATV Business and Owe Back Taxes. – Wanda

We closed our business due to sickness and now we’re deep in debt My husband owned an ATV dealership for 17 years. It was an S Corporation. We put 2 kids thru college, we’re now in our 50′s. After 911 – business declined, but he struggled anyway and kept it open. I knew he had [...]

Our Attorney Has Worked Out a Stipulated Judgment But Should We File Bankruptcy? – Stephie

“Dear Steve, My husband and I have a construction company. We did work for developers who did not pay. We signed personal guarantee with a vendor. Our attorney is working out a stipulated judgment with the vendor b/c we really have no defense on this open account, as we did use the concrete and we [...]

Pam Owns Her Own Business And Wants To Reduce Her Business Debt

“Dear Steve, I am a self-employed home owner with $85,000 in business debt and $130,000 in home debt. We have about $30,000 in equity on our home. We make +/- 100,000 per year. Half of that goes toward the business and the other half we live on. Should we sell our house and rent? We [...]

I Have Over a Million Dollars of Credit Card Debt. Help! – Raj

“Dear Steve, I have following debts on me which was generated over last 4 years: 1 Credit Cards 1,100,000 2 Business Banks Loans 755,000 3 Personal Bank Loans 246,000 4 Personal Loans on almost 3% interest 794,000 5 Car Loans 105,000 Total :- 3,000,000 So far I managed to survive and paid thru the profits [...]

We Just Read Your Book “Eliminate Your Debt Like a Pro” and Are Ready to Move Forward. – Lynn

“Hi Steve, I just finished reading your book, “Eliminate Debt Like a Pro.” I just reached acceptance and now I’m working on my plans. Here’s the situation–my husband & I have owned a tourist lodging business for 10 years. We have used credit over the years when we had bad months or unexpected expenses and [...]

I Have $80K in Credit Card Debt From My Business. – Kristin

“Dear Steve, I have 80,000 in credit card debt from my small business. I am behind on payments and struggling to keep up. They’re four cards maxed out, no cash to purchase inventory. Not sure what to do? Consolidation loans semm to be a scam? Any advice on what to do? Kristan” The Answer: Dear [...]

How Can I Deal With My Business Debt to Get Ahead? – Ron

“Dear Steve, I have past bills I have not paid for about 5 years, now creditors have been calling my fiancee’s home where I live as well. I am currently unemployed and just started a business to make ends meet. Business is real slow with very little coming in. I also pay child support. What [...]

I Owe $150K in Credit Cards Because of My Small Business

“I have approximately $150,000.00 in credit card debt. It got that high financing a small business, however the credit cards are personal and business credit cards. I have $50,000.00 l.o.c. with my house as collateral included int the 150k, The rest is unsecured. I am not sure what to do, I don’t want to loose [...]

My New Site to Help Small Business Owners

I just started a new blog to help small business owners. Helping businesses is a hobby of mine and something I consider to be fun and invigorating. The goal of the site will be two-fold. First, I want to help new business owners with dreams to get off on the right foot. But second, I [...]

My Wages Are Being Garnished For a Lawsuit By My Husband’s Old Boss – Johnnie

“Dear Steve, Here is how it happened my husband deceided to start his own business while he was still working and it was the same business that he was working in. Well his boss found out and fired him then came the drama. His boss then sued us and we had no income except for [...]

We Owe $270K on Credit Cards From Starting a Business. – Esther

“Dear Steve, My husband and I opened a business we did all the remodel and inventory licences etc all on unsecured credit cards. I know this was a bad idea but we have done this before, however not this large and were able to pay them off. But since business became so bad we were [...]