What would you do?

[hopelesslyindeb]

Just a little background on my situation
Less than a year ago I bought a small business (sole propreitorship).
The money was a gift from wifes parents and they use the rent we pay them (wife disability check) to pay for it cuz they borrowed equity from their home.
A few weeks ago I closed the business cuz we were out of money to keep going took care of most of customer debt.
Bought out the rest of our lease and put equipment in storage.
We owe about 1000.00 on a business credit card,15,000.00 my personal debt. credit cards most debt is mixed some from business and some before business.I also have about 2200.00 in taxes I owe and misc. cancelation fees.
We also have a newer vehicle paid formaybe worth 10,000.00.
Im currently unemployed but am close to employment maybe another week or so I hope.
Assets are older tanning equipment I cant give away.
Should I try to ride it out til I get job and start repaying or does this situation sound hopeless.
Thanks to any one who can sort thru my jumbled post can think straight right now with all this worry....

[SinkingFast]

BK won't do anything for your tax debt unless the taxes you owe are OLD. Less than 3 year, I believe it is, and you'd still have to pay those.

Basically you owe $16K in debt you could potentially discharge. You have an asset you could sell and pay down maybe as much as $10K of that. And, you potentially will be employed again soon.

How are you eating? Paying rent? Taking care of necessities of life? Does your wife has a job and you're able to live off her income?

If you're living OK otherwise, personally, I'd wait on the new job. Sink your new found surplus income into paying down debt.

[hopelesslyindeb]

Thanks. I just get worried creditors are starting to call we get a little money help from family right now but that cant last.
Wife is disabled.she gets a check for her and our 2 kids.
Not much but any money helps.Right now just paying nessesities.
Food,lights heat, bearly.
So if this job fall thru and I dont get it Im trying to get a backup plan. Also in bk will they look at where we got money to buy businessthe gift from parents .Its Paid for in full.We just have the equipment we cant sell no ones buying..
Sorry so many questions....And Thanks for your help..

[SinkingFast]

You're surviving. At this point, that buys you a bit of time.

If you were out on the streets, or didn't have enough food, that would be totally different.

Try advertising the tanning salon stuff on Craig's List. Local pick-up only with eBay. Visit around the local tanning salons and see if they might be interested in extra equipment.

Right now, anything you get for the stuff is better than nothing. Shop owners could want an extra unit on the cheap. Individuals that are into tanning might like to have a unit at home for cheap. See if there's a liquidator in your area who might take the stuff off your hands.

Be sure to document the sales. Keep receipts of who you sold to for how much. Put the money into your bank acct to show the deposit going in and the flow of money out to pay bills to live.

Think about selling the car and possibly getting a beater to do for a while. Maybe between the monies from the business equipment and the car, you'd get enough to get most everything paid off.

While you wait out hearing about the job, research and learn about BK. Research all your possibilities.

[hopelesslyindeb]

update

Got a job a few weeks ago (paid bi weekly) I am happy for that but everytime theres a good theres always what seems to me twice as bad I just found out my business bank acct. is charging me 5.00 a day and insufficient fund fees 35.00 because they paid out some bills when I had insufficient funds in that account.
Cant close it either til i pay off the neg. 585.00.
When will it end ...Can they go into my personal checking acct. when my work check goes direct deposit?
Thank you..