Home > Tag Archives: business-debt

Tag Archives: business-debt

Download Free Book on Business Credit

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Shortage of capital is the biggest challenge entrepreneurs say they face, and one of the most common reasons they fail. That’s the reason Rich Dad Advisor Garrett Sutton and Nav’s Head of Market Education Gerri Detweiler teamed up to write Finance Your Own Business: Get on the Financing Fast Track, a guide that will help you at any stage of ... Read More »

    How Do We Deal With the IRS and Our Failed Business?

    Audit Stamp Shows Financial Accounting Examination

    “Dear Jim, My family owns a small restaurant that’s been struggling for years. We owe the IRS and the state back taxes and have been working with various payment plans but can never get caught up. My dad even took a second job in 2011 to aid in repayment. A lawyer advised him then to shut the business down but ... Read More »

      I Want to Consolidate My Business Debt to Pay Lower Rates


      “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 »

        I Didn’t Get Paid and Have a Lot of Business Debt as a Result. – Alex

        Ready to Collapse

        “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 »

          If I Personally Guarantee the Loan to Start a Company Am I Responsible for It? – Christina

          “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 »

            The Business Failed and Five Years Later I’m Getting a Collection Call. – Davedo

            Ready to Collapse

            “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 »

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

              Ready to Collapse

              “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 »

                I Have My Own Business But Have Debt at Work and Home I Can’t Handle Anymore. – Bill

                “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 »

                  Is Your Business or Life A Debt Trap? Or Is Your Optimism Keeping You Poor?

                  Ready to Collapse

                  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 ATV Business and Owe Back Taxes. – Wanda

                    Ready to Collapse

                    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 »

                      Our Attorney Has Worked Out a Stipulated Judgment But Should We File Bankruptcy? – Stephie

                      Ready to Collapse

                      “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 »

                        Pam Owns Her Own Business And Wants To Reduce Her Business Debt

                        Ready to Collapse

                        “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 »

                          I Have Over a Million Dollars of Credit Card Debt. Help! – Raj

                          Ready to Collapse

                          “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 »

                            We Just Read Your Book “Eliminate Your Debt Like a Pro” and Are Ready to Move Forward. – Lynn

                            Ready to Collapse

                            “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 »

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

                              Ready to Collapse

                              “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 »

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