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    #1

    Need help

    Hello board
    I have been an online business owner for 3 years now and a long the way I have racked up 24k in dept. Now like new businesses that get started I could not get a business loan so I put everything on 2 different credit cards.
    Well the interest rate was killing me so I have a ton of equidy in my house so I opened up a line of credit under the business name an LLC. Now I'm thinking about file becasue I'm not abble to make the payment and it is just getting worse. How do I go about doing this? Is there anything I can do?

    I know that it is under my personal asset (house) but it is under my business name LLC. Please help.

    Thank you,
    Bedtime
    Tags: None
    #2
    I know that it is under my personal asset (house) but it is under my business name LLC. Please help.


    Your situation is a little too complex for an internet message board. You need to see a lawyer in the worse way-particularly if you have a lot of equity in your home.

    Comment

      #3
      Ditto! Call around and Consult with several attnys.

      As much as the New Law changed how individuals file, it's worse, in some ways for small businesses.

      There was a guy here who owned his own small business. Construction, I think. He's in a bad way financially too. After chatting with attnys he learned it would be better to file personal BK and let the business die a natural death.

      You need to Consult with attnys. Especially since you've mixed personal and business finances.
      Filed Ch 7 - 09/06
      Discharged - 12/2006
      Officially Declared No Asset - 03/2007
      Closed - 04/2007

      I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.

      Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...

      Comment

        #4
        yes i know that I mixed the two but I can always move the 24k back over to the credit cards.

        24k is not 100k. I work full time also but I'm just not able to pay it down. Do you know of any good web sites to check out.

        Bedtime

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