What do I do? DEEP debt

[Cathy]

I used my personal credit cards to bolster my 12 year old struggling home business which is now in a storefront. I am about $180,000 in debt, about $18,000 behind on the store rent and now our company website just crashed and our tech guy up and went AWOL.

I have not seen anyone else here mention the size of debt I have here. I am sick over this all. I have no real estate, no car loan, just an apartment and a 15 year old van. I incorporated a year ago and have an equal partner but the debt is all mine. I am sick over this.

What do I do? My partner does not want me to declare bankruptcy. He thinks we can get through this, but how? We are flat broke here and next week is payroll and rent. The creditors are now calling for payment all day long. I am so afraid.

[waziggy]

Cathy, been there done that; retail store 8+ years. Here's what can be done but more information is really required. Talk with your landlord - explain the situation. Beg, cry, ask for help from them - it works. The difference between the the rent at
18K and the total debt of 180K is a question. What is it by bucket (suppliers of cost of goods or utilites and services). For suppliers remember they make nothing it you make nothing. Again, talk with them. Negotiate. The real problem not mentioned is revenue not being enough and the real question is how are you going to increase the revenue to pay the debt in a timely basis. You need more revenue. I was recently in the same boat after getting through 2004 in retail. When one door closes look for another door opening. Basically since 12/22/05 and today I have closed one retail business, negotiated $90k in debt down to $24k and now started a new business. It's kind of like operating on yourself if it's your business; you amputate what's require, forget the past as soon as possible and move one. It's hard but it can be done. If you'd like to brain storm on revenue ideas off-line email me. [email protected]

[HRx]

what do you want to do?

[Cathy]

I am unable to sleep thinking about all of this. I want it to stop. I cannot take the preasure of the debt. I do not feel in control of my life anymore and I am terrified of being homeless pushing my pet bird in a shopping cart and living under the underpass.
I want to do the right thing. My partner (and fiance) feels we can get through this without my filing for bankruptcy. But how? I am on the second month of being unable to pay my credit card bills. The phone rings all the time and I do not answer it because I have nothing to give them. I have not sought out a money management company yet because I think my debt is too high for them to help me with. I feel so lost.
Our website is back up, but we lost 8 days of business which we sorely needed. Payroll is next week and we do not have it, no rent money either. I don't know if checks will start bouncing next week. We are in trouble here big time.
I am going to talk to our lawyer next week and see what we can do.