Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

Welcome to the Bankruptcy Forum. Bankruptcy (BK) Forum is known as and will be referred to as BKF hereinafter. In order to ensure a long term success of our vibrant community, we have established certain rules and guidelines to which everyone must adhere to. Please take your time to carefully read our rules, before you start to participate in the community.

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small biz financing & personal bk

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  • small biz financing & personal bk

    Hi everyone,

    First want to say how great it is to find this forum. So glad I am not alone and I feel much more confident our decision to file bk - we are so over our heads in unsecured debt it is just ruining our daily lives.

    Anyway, I have a question. Long story short my husband and I moved cross-country for his job. Moved from CA to NC so cheaper cost of living, he got a raise, I figured we would be OK and started a small fitness training business. No real overhead in terms of a facility (we meet outdoors) and supplies (we use very little and they are all small portable items with no real value). However the startup expenses have been much more than anticipated which is part of our problem...

    My business is an LLC and I make enough to break even most months (it's only been in business 4 months). Only have $5K on a business credit card and no other biz financing. Had thought about getting an SBA loan but don't need $25K nor do I really have a way to pay a loan that size back right now!

    My question is this - do I lose the small biz CC (in my LLC name) when I file bk? I don't intend to use it for ANYTHING aside from regular business purchases (employee uniforms, advertising, etc.) - and some items have to be paid for up front, so I don't have the option of paying the vendor after I'm paid.

    That sounds confusing I realize - I hope someone gets what I'm saying. Any thoughts/advice? Of course I would rather not use CCs at all, but not having any real cash set aside from the business yet, I don't have the existing funds to pull from to pay for items like participant t-shirts and advertisements that have to be paid for each month BEFORE I see the revenue from those participants, or the returns from the advertising.

    I appreciate any insights and am hoping someone with a similar situation might have some great ideas for me.

    Thank you so much everyone.

  • #2
    I'm a small biz owner and all my cc's are closed due to non payment (how dare they?)...I got a debit card..same difference except you'll have to have the money first not later..You can still buy everything you need with that card..
    Tell ya what? It feels sooooo much better knowing I don't owe any of it and its been paid for. The only pain is...if I don't have the money, I don't get to buy the products. And thats ok with me. Sometime now I even have my clients prepay for products they need and they all understand. They don't want me to close. Where there is a will theres a way... Good luck and welcome


    • #3
      Thanks for your reply ready2puke. Love the name BTW. I will just have to figure out a way to make it work! Not like I can afford to spend money on ads or anything right now anyway.

      So are you an LLC? How was your biz affected by your BK? My lawyer says it shouldn't be (only a phone consult so far and no retainer yet) I am just curious about that one small biz CC. I have paid for some advertisements on that card and would not want to ruin my relationships with those publications.... I guess that is where a reaffirm comes in? Correct? IDK - so much to think about!

      Thx again and have a good one.


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