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Business Debts

I Have $80K in Credit Card Debt From My Business. – Kristin

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“Dear Steve, I have 80,000 in credit card debt from my small business. I am behind on payments and struggling to keep up. They’re four cards maxed out, no cash to purchase inventory. Not sure what to do? Consolidation loans semm to be a scam? Any advice on what to do? Kristan” Dear Kristin, It seems like the real issue ... Read More »

How Can I Deal With My Business Debt to Get Ahead? – Ron

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“Dear Steve, I have past bills I have not paid for about 5 years, now creditors have been calling my fiancee’s home where I live as well. I am currently unemployed and just started a business to make ends meet. Business is real slow with very little coming in. I also pay child support. What is the best way to ... Read More »

I Owe $150K in Credit Cards Because of My Small Business

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“I have approximately $150,000.00 in credit card debt. It got that high financing a small business, however the credit cards are personal and business credit cards. I have $50,000.00 l.o.c. with my house as collateral included int the 150k, The rest is unsecured. I am not sure what to do, I don’t want to loose any opportunity to get out ... Read More »

Would We Be Better Off Not Paying Advanta? – Michelle

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“Dear Steve, We own our own business and have about $75,000 in credit card debt. The interest rates are at 29.99% We have called every single company and they all refuse to lower the interest rates. AND, as we pay them down, they lower the available balance, so even if we continue to pay them down, they available credit ratio ... Read More »

Business Consultant and Entrepreneur All Tapped Out. – Sandy

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“Dear Steve, Business consultant and entrepreneur, full of great ideas, very short of contracting work for the past year, currently on state benefits, 50k in debts and growing (mostly credit cards), no assets (sold everything I could to survive), and hardly any income getting in, just bearly making ends meet every month, just about surviving. Is the solution bankruptcy or ... Read More »

I Am a Florist Trying to Pay Back My Business Debt. – Marina

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“Dear Steve, I am a florist who rec’d $ 65,000 in back loan to start up a business.It is Down to $54,000 still have $16,000 in credit card debit with five cards. I have several private and corp clients to pay the bank loans. Plus I have two part time jobs as a florist to pay household bills and paid ... Read More »

My LLC Was a Wall Street Trading Firm With Negative Equity and it is Closing. – Michael

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“Dear Steve, Help! I have an LLC that was a trading firm on Wall Street. At the end, we had significant negative equity in the LLC. (Owed to our clearing agent) If we close the LLC, what happens to that loss? Is it considered forgiven debt? Where can I corroborate that in the tax code? Michael”   Dear Michael, As ... Read More »

Will I Be Responsible for My LLC Debt When it Folds? – Lisa

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“Dear Steve, I own an LLC in Phila, PA (I live in NJ). Can i be held personally responsible for any debt incurred by the LLC? Such as, we had a credt/cebit card machine that according to them (RBS World Lynx) was terminated early and they are billing for almost $800. The business is doing poorly. I am thinking of ... Read More »

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