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

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 … Read more

We Closed Our ATV Business and Owe Back Taxes. – Wanda

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 … Read more

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

“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 … Read more

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

“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 … Read more

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

“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 … Read more

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

“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 … Read more

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

“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 … Read more

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

“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 … Read more

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

“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 … Read more

My Wages Are Being Garnished For a Lawsuit By My Husband’s Old Boss – Johnnie

“Dear Steve, Here is how it happened my husband deceided to start his own business while he was still working and it was the same business that he was working in. Well his boss found out and fired him then came the drama. His boss then sued us and we had no income except for … Read more

Would We Be Better Off Not Paying Advanta? – Michelle

“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 … Read more

I Invested in My Business Using My Personal Credit Cards. – Peggy

“Dear Steve, Invested in my business using personal credit cards. Business no longer viable and have no income to continue paying down the credit card balances. Have been put on a hardship program…5yr, reduced payments, simple interest. Balances are reducing quicker but with no income, I cannot continue paying them. Applied for jobs, with no … Read more

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

“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 … Read more

Should the Business Owners Get Involved With Debt Settlement? – Paul

“Dear Steve, I’ve been a business owner for 20 years and along with my partner, we’ve managed to make a pretty decent living in the construction supply and service industry. Years ago, when we started our company, we established credit lines and credit card accounts in our personal names to help fund projects and equipment … Read more