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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 additional help for being a full time college student?


Dear Michelle,

There is no magic wand to wave to make it go away except for bankruptcy. Every other option will require you to pay money back each month and it does not sound like you can afford that.

The only legal solution would be bankruptcy. I suppose if there is any good news here it is that bankruptcy does not disqualify you for student loans.

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.

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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.

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