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

By on November 10, 2011
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 to the creditors. I want to stay fair with my creditors and repay them when we are in a position to do so. But if we are not capable of doing so and have to shut the bussines down, what actions could my creditors take against me?

RJS”

Dear RJS,

Ouch.

Well it will come down to primarily the document you signed for the credit. Do you know if it was signed with only the business guaranteeing it or did you or someone else personally guarantee the note as well?

Update me in the comments section below.

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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.

3 Comments

  1. Rjs

    December 29, 2011 at 3:47 pm

    it was all verbal

  2. Rjs

    December 29, 2011 at 3:46 pm

    Dear Steve,

    There were no documents signed for the credit.
    Thanks,
    RJS

  3. Rjs

    December 29, 2011 at 3:46 pm

    Dear Steve,

    There were no documents signed for the credit.
    Thanks,
    RJS

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