Here I am-Please help

[Mik3]

Well, Hello All, I'll try to keep it concise and to the point. Please feel free to ask for more detail if it will help.

Bought a business in 2009, paid nearly 700K. Financed 450K SBA 7a. Business was falsely propped up from an operational and operating expense stance, and all though I have been current on my expenses, I have not been able to draw $1.00, and I can no longer afford to live as I have depleted all my savings, and nearly maxed out my HELOC.

I am not in any sort of default, have great credit, and aside from these debts I only have a mortgage, auto lease, and about 18K in cc debt. I have never so much as bounced a check.

There is little to no hope to get the business to earn the 30% additional in top line sales given my timeline and specific variables involved.

Selling the business at this point will not cover the debt. Liquidation of business may boil down to 20K in assets, and the home has about 100K of equity.

Ideally, I would like to keep my home, and the business, but remove all of the debt. Attorney says I have a fare chance...

Thoughts would be appreciated.

Thanks, Mik3

[espo1357]

Sorry to hear about your situation.

There are others here that will step up and give you better comments than me, but it looks like starting over is the play. BK makes sense.

The best way to dig yourself out is just break it all and start it over. At least you have taken the first step in seeing that the ship is sinking and you need to get your options in order.

good luck.