“Dear Michael, We have Business debt – trying to pay off w/low interest rates. Can you recommend a reputable debt consolidation company? One that can, before we sign any documents or close any of our accounts, guarantee us the interest rates they claim they can offer us? We don’t wish to settle, we want to pay the amount we owe, ... Read More »

“Dear Steve, 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 ... Read More »

“Dear Jon, im about to start coorporation. the guy told me i can use my credit and be a personal guarantor. he says if my company goes south, my personal assets(home) would not be affected if i were to file bk on the coorporation? would my personal assets/credit be affected if i filed bk on my coorp and i was ... Read More »

“Dear Steve, My parents started a business in 1998 in PA. I worked for the S- corp for 12 years as president. The firm went of business due to failures over time in managing revenue and costs….I could blame the economy but that’s a cop out. I used easy credit through credit cards to pay bills of mine and occasionally ... Read More »

“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 ... Read More »

“Dear Michael, Two lines of debt, but both carried on personal line of credit. 1st is personal expense’s (unsecured about $60k), the other is business debt (self employeed unsecured, about $30k). Interest rates are high and dragging the pay off. The pass 48months, have paid $128,000.00 in CC payments, to knock down $27,000.00 on balance owed. Can not continue this. ... Read More »

The following guest post was contributed by by Neal Frankle, Certified Financial Planner in Los Angeles. He blogs at WealthPilgrim.com If you would like to contribute a guest post, click here. Ed, a friend of mine just lost his house and his business. It happened because he was too optimistic. And as you’ll see, even if you own a thriving ... Read More »

We closed our business due to sickness and now we’re deep in debt My husband owned an ATV dealership for 17 years. It was an S Corporation. We put 2 kids thru college, we’re now in our 50’s. After 911 – business declined, but he struggled anyway and kept it open. I knew he had been sick for a while, ... Read More »

“Dear Steve, My husband and I have a construction company. We did work for developers who did not pay. We signed personal guarantee with a vendor. Our attorney is working out a stipulated judgment with the vendor b/c we really have no defense on this open account, as we did use the concrete and we did guarantee payment. The whole ... Read More »

“Dear Steve, I am a self-employed home owner with $85,000 in business debt and $130,000 in home debt. We have about $30,000 in equity on our home. We make +/- 100,000 per year. Half of that goes toward the business and the other half we live on. Should we sell our house and rent? We have really outgrown our current ... Read More »

“Dear Steve, I have following debts on me which was generated over last 4 years: 1 Credit Cards 1,100,000 2 Business Banks Loans 755,000 3 Personal Bank Loans 246,000 4 Personal Loans on almost 3% interest 794,000 5 Car Loans 105,000 Total :- 3,000,000 So far I managed to survive and paid thru the profits I received from my business. ... Read More »

“Hi Steve, I just finished reading your book, “Eliminate Debt Like a Pro.” I just reached acceptance and now I’m working on my plans. Here’s the situation–my husband & I have owned a tourist lodging business for 10 years. We have used credit over the years when we had bad months or unexpected expenses and it slowly crept up. Then ... Read More »

“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” The Answer Dear Kristin, It seems like the ... Read More »

“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 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 »