I am a small business owner and last year I didn’t get paid for one of the project we were working, generating a debt of 180k liable to my business. I have a lawyer working on my case, but it may take a while till all this is solved. I had to let go all my employees in order to minimize my costs, and have been working on my own, lately I had my truck repossessed and due to all this debt I have lost all my willingness to do any thing
I would like to know if you could give me any advice .
Your situation sounds more common than you would believe.
First off, your depression and fatigue in facing this is normal. If I was to be a betting person I would suspect you are exhibiting signs of clinical depression. See your physician and explain how you are feeling.
Depression leads to the inability to develop a plan, to take action, or to deal with the adversity you are facing. It becomes a chemical imbalance in our brains that prevents us from recovering as quickly as we need to.
It sounds like your situation is so unfortunate that there is little expectation you will recover by digging yourself out. So let’s look at other real options.
Let’s start with the basics.
I’d suggest you first read How to Get Out of Debt. The Honest and Unvarnished Truth and The Truth About The Success Rates, Failure Rates and Completion Rates of Credit Counseling, Debt Settlement, and Bankruptcy. They will give you a great overview of what we need to deal with to get you moving in the right direction.
Then use the free How to Get Out of Debt Calculator to review your options.
Please post your responses and follow-up messages to me on this in the comments section below.