[Editor: I felt this guest post was very informative for readers and consumers to understand how a small business might decide to pursue people over debt.] Small claims courts are part of our legal system. They help resolve minor disputes without engaging in lengthy (and often expensive) lawsuits. For example, when it is clear that … Read more
Selling chicken and waffles was always going to be a bit of an uphill battle in a San Francisco neighborhood best known for its sporty young residents, their pilates studios and salad spots. That didn’t stop restaurateur Mohammed Hamdan from setting his sights on a new storefront on Chestnut Street, the Marina neighborhood’s popular shopping … Read more
Curfews and shelter-in-place orders, restricting food services to takeout only, and general social distancing have impacted the bottom lines of many small businesses. Although most small businesses can expect highs and lows in demand throughout the year, you can usually plan ahead for those times. The coronavirus (COVID-19) pandemic has changed all of this. The … Read more
Over the past few weeks, locally-owned businesses around the world have been facing unprecedented challenges. We want you to know that we are in this with you and here to help. On Friday, the president signed into law a coronavirus relief package that should help many small businesses reeling from coronavirus shutdowns and slowdowns. Below, … Read more
It’s a harsh reality that most start-up businesses fail. Even harsher, the mistakes that cause a business to go bust are often ingrained at the beginning of the journey. Before the founders even make their first sale, they likely already made their first mistake. To help you dodge these costly errors, we’ve drawn up 10 of the biggest … Read more
November hosts Small Business Saturday! Never heard of it? Me either. But apparently in honor of the day which is dedicated to small businesses on the busiest shopping weekend of the year the Better Business Bureau (BBB) is urging consumers to support the day and attempting to spread awareness. “For the second year in a … Read more
“Dear Steve, Was 1/3 partner in a business – small mom and pop asian food store – it failed at the beginning of the recession. I had taken out a signature loan for $40K and had been making payments until 12 months ago. It is with Bank of America, and has just recently gone into … Read more
“Dear Lewis, My husband and I make $4088 per month (Soc Sec + PT Job); we owe approximately $57,000 in credit card debt. Our house is worth about 175,000 with a balance of about 95,000. We own 2 vehicles outright (2002 Buick Le Sabre, and a 1995 Dodge conversion van). Our home is a converted … Read more
“Dear Damon, Hi Damon, I have substantial CC debt (approx $30k) due to opening a restaurant (which I have sold). I am current on payments, but would like to have the interest rate lowered with a debt consolidation loan. Are there any companies that would loan with just a lien on my home instead of … Read more
“Dear Jim, My husband and I have a small business. He did not pay our payroll taxes. He used the tax money to run the business. The IRS has our account on hold at this time because technically he does not have a job. He says he is looking for a job and the IRS … Read more
“Dear Steve, 2008/2009 my small business begin to tank. Rather than close it (which I have since done), I froze. I cleaned out my 401K, my Roth, my IRAs – and I eventually got a job. Both my Husband and I both lost our jobs shortly after that and now we are in 2011 with … Read more
Kimberly “Dear Steve, My husband and I own a business. We have gotten into debt of 130,000 mostly credit card debt. This was from trying to keep the business open during lean times. We need to keep the business, it’s all we know. Bankruptcy (chapter 13) is all we can do and keep the business … Read more
“Hi Steve, Here is my situation: 26 years old, educated, currently run my own renovation business in Canada which is profitable, but feels like we are constantly fighting large bills (suppliers, debt to start the business, etc.) I would estimate my income to be around $50K / year out of the business right now We … Read more
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 … Read more
“Dear Steve, Due to downturn in housing market, my job as a Realtor was almost eliminated. My $160,000 annual commissions went down to less than $20,000 gross. All the costs associated with being a Realtor still applied. I used all my savings, retirement, insurance cash value, to survive. When that was gone, I used the … Read more