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My Construction Business is Very Slow. Should I File Bankruptcy? – Eric

By on February 7, 2010
My Construction Business is Very Slow. Should I File Bankruptcy? – Eric

“Dear Steve,

My buissness is very slow (Construction), as Im sure many are. I’m Iooking down the road and am looking at what feels like all dead ends. I only have enough funds for a few more months (payroll, house payment, credit cards, car payments) Im 45,married and have 3 kids

Is it better to try and save it all or file bankruptcy

Eric”

Dear Eric,

I don’t have a crystal ball to look in to see the future but based on all I read and hear, it does not look like the construction business is going to improve in the near future.

If you had two choices of running into bankruptcy, either on your terms or on the verge of being homeless and hungry, I’d rather see you do it on your terms. This way you can make arrangements to move if you have to, to let the family know what is going to happen and to meet with a local bankruptcy attorney to plan for bankruptcy rather than being in a panic about it.

Besides, if you have employees on payroll it will be better to know what you are going to do and give them a bit of advance notice so they can plan what they are going to do.

If you think that bankruptcy is the route you are going to take, stop paying the credit cards now. Money you send between now and bankruptcy will not make a serious dent in your debt and without access to credit cards you will need that cash to help you get by.

I’d suggest that you click here to schedule a free bankruptcy consultation, go talk to the attorney and then you’ll be better prepared to determine the exact day to file.

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About 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.

One Comment

  1. Rangrrob

    April 18, 2010 at 2:33 pm

    I am in the same boat no work because of credit crisis.The Sec is suing Goldman and more than likely the other perpetrators of this financial melt down like JPM,BAC,CITI and a host of others. I hate to keep stressing the point but your a victim of their misdeeds like most the people that contact this site.The time is now to start a Class action lawsuit against these institutions for financial hardship, loss of income, etc. Maybe this wont work but at least you can go down fighting. Our country was built by people who stood up to dirt bags like these.So let me know contact byzzops@verizon.net your future could depend on it.

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