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 I received from my business. But last 4-5 months the overdue started. It is getting very difficult for me now.
Please guide what I can do?
Is there an attorney you could recommend to whom I can contact?
I once had a client with $1.4 million on 78 cards. You are getting close to that record. The bad news about that other guy was that the stress of managing his debt literally got to be too much for him and he died of a heart attack. Let’s not let that happen to you.
It sounds to me like you are continuing to use borrowed money to keep the business going. Is there any reasonable expectation that the business can survive on its own?
If there is no reasonable expectation the business can be viable from this point on, has the time come to admit defeat and wrap this mess up with bankruptcy?
The solution here is going to come down to cash on hand versus reality. If you have $1.3 million in cash on hand then contact Damon Day for a consultation on settling those debts. If you don’t have that kind of cash then click here for a local bankruptcy attorney and make an appointment to go talk about your situation.
Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.