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Tag Archives: business debts

Should We File Bankruptcy Because of Business Debts?

Writing Q&A, Questions and Answers on a blackboard.

Money, Credit and Debt Advice – Get Out of Debt Guy Question: Is There Hope for Us in Bankruptcy? Dear Steve, We have roughly $80,000 in credit card debt. We have 4 children, 2 in college and 2 yet to go. We own a small business that we run out of our home in addition to my being a teacher. ... Read More »

    Can My Creditors Take Other Business Property to Repay a Debt? – Dee

    Empty Store at Shopping Center / Mall

    “Dear Steve, Business owner of an LLC secured a contract worth $35,000 using 100% fully-owned equipment (fair market value of $50,000). Creditor has in his possession part of the equipment (part of a crane), while debtor has another piece to the crane. Creditor also has in his possession 3 other pieces of equipment, 2 which have had work/improvements done on ... Read More »

      How Can My Business be Successful and Survive? – Akash

      Drowning swimmer

      “Dear Steve, Had an it company for 7 years , ran into debt over 1 million dollars. 2006-2012 I broke up with girlfriend( she was obsessive and over bearing, it’s a good thingr)…2011. I split with business partner , i handed over company in return for 50% of debt….2012. I can still use the software we built if want to.however ... 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 »

          My Husband Runs His Business Off Credit Cards. Now We Need to Get Out of Debt. – Megan

          Ready to Collapse

          “Dear Steve, My husband owns a successful family owned small business. He however had been taught from an early age, how to run it off of credit cards. We are at the point of 4 Credit Cards, with total of 100 K, and a line of credit of 85,000. He has committed to stop using Credit Cards to pay the ... 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 »

                My Husband Has an LLC That Might Be Going Under. – Katie

                Ready to Collapse

                “Dear Steve, My husband has a LLC that has lines of credit with the bank and bills. To get the line of credit he had to guarantee the line personally. The business is not making it. I am not on the line of credit or any of his accounts. The business may be going under There are two parts to ... Read More »

                  Out of My Divorce I Was Left With a Lot of Business Debt. – Lucy

                  Ready to Collapse

                  Lucy “Hi Steve I have two questions and I am happy to provide background. My ex-husband and I were divorced and in the separation agreement it states I am responsible for all of the business debt, although it does not specify the names of accounts or amounts, etc. Out of our divorce I was left with a lot of debt ... 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 »

                      What Happens to My Small Business and Our House if We Go Bankrupt? – Matt

                      Ready to Collapse

                      Matt “Dear Steve, I just found out they changed my terms on my credit card, I’m at the limits on two cards totalling $40,000. I borrowed against our equity line another 25,000. 80% of this is debt to due to poor business management and the rest bad spending habits. we own our home in CA and the value has dropped. ... Read More »

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

                        Ready to Collapse

                        “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 »

                          My House Flip Flopped and Fizzled – Sherri

                          Ready to Collapse

                          Sherri “Dear Steve, Considering bankruptcy, but have about 6 thousand in personal joint savings. I worked for about 8 months and have been on temporary total disability for the past 3 months. The debts are in my name only and are from a ‘house flip’ that flopped. It took over a year to redo and over another year to finally ... Read More »

                            Would We Be Better Off Not Paying Advanta? – Michelle

                            Ready to Collapse

                            “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 »

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