Deep in Debt - 160K

iVillage Member
Registered: 08-10-2008
Deep in Debt - 160K
6
Sun, 08-10-2008 - 3:17pm
Hi...I am in need of some sound advise.
I quit my job to open a business, which I funded with my personal credit and my credit cards. I took 40K in a personal loan and I have charged 120K in my personal credit cards - All the debt was in order to fund the business and make it work...now 6months after the opening day - business is still not producing, I haven't paid myself a dime and am not longer able to pay my creditors - as my reserves are all gone!
I have contacted several Settlement Lawyers and the payments are too high for me $2500/month for 60 months. I need to support my family and I am afraid if I enter on a written agreement with a lawyer and I do not pay, I will be in a worst situation. I am afraid this is too big of debt for a CCC's... I am running out of ideas, so looking for someone that can help me. Is bankrupcy my only option!
iVillage Member
Registered: 03-17-2003
Sun, 08-10-2008 - 4:22pm
Schedule an appointment with CCCS.
iVillage Member
Registered: 11-17-2007
Sun, 08-10-2008 - 4:48pm

Can I ask what kind of a business did you open. A store or what.

iVillage Member
Registered: 08-10-2008
Sun, 08-10-2008 - 7:21pm

Mary Ann thanks for your response.

iVillage Member
Registered: 08-10-2008
Sun, 08-10-2008 - 7:26pm

Hi Carolyn,

iVillage Member
Registered: 11-17-2007
Sun, 08-10-2008 - 7:47pm

I know this is off the wall. But could be something to bring in people and get them to try your place of business.


We have this thing here in Louisville called Dinning with Steve. You buy a coupon for like 15.00 for two meals. I know not a lot of money but if it is high class place then it is like 30.00 but the thing is They show the restaurants on the TV show. We have bought a few of those and loved them. Also one

iVillage Member
Registered: 03-17-2003
Sun, 08-10-2008 - 7:53pm
Hi Carol.