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 row, American Express OPEN has ... 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 collections. Currently, I get phones ... 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 old church building; it has ... 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 trying to re-finance? I have ... 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 agent that we deal with ... 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 no savings, one income (that ... Read More »

In business for 15 years, very stable, great credit history (760). In 2008 just prior to the stock market collapse took a new business venture, ended by January 2009. Ultimately ended in a reposession, credit card debt, and 9 months of unemployment. Currently working about 70% of what I would consider normal (before the recession started). Working just enough to ... 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 is what the attorney has ... 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 have only been open for ... 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 and the value has dropped. ... Read More »

“Dear Steve, My husband and I opened a business we did all the remodel and inventory licences etc all on unsecured credit cards. I know this was a bad idea but we have done this before, however not this large and were able to pay them off. But since business became so bad we were unable to pay our debts. ... 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 extensive lines of credit that ... Read More »

“Dear Steve, I am 3 times laid off in 3 years. I only have unemployment insurance coming in to support me and this may run out soon. I have no assets at all. I have lost everything in the last 3 years of lay-offs. I rent and own nothing else of value with no savings and am having difficulty finding ... Read More »

Because of the volume of submitted questions, I am behind in personally answering every single one. I need your help. I am publishing the question below for you to answer. Please help this person by adding your response and advice in the comments section of the original question. Click here. “Dear Steve, My small business was doing well until about ... Read More »

“Dear Steve, Part time business of computer repair / consultation. I work full time for a fortune 500 company. The part time business was formed as a LLC, can the LLC file chapter 7 or 11 and leave the personal stuff alone? Eric” The Answer   Dear Eric, It depends. The most important issue is going to be if you ... Read More »