Personal Debt Due to Failed Business

iVillage Member
Registered: 02-16-2010
Personal Debt Due to Failed Business
7
Tue, 02-16-2010 - 10:07pm

I am in desperate need of guidance. My DH and I started a business in 2007 which closed

iVillage Member
Registered: 11-17-2007
Wed, 02-17-2010 - 5:01am

I don't know if I would be in your spot which one I would do. YOU ask a really hard question


If you miss a credit card payment you are looking at them raising your interest rate and also charging you big late charges. Which on 4 or 5 cards could cost you for one month at least a 100 or more dollars. And in the long run even more money


If you miss a mortgage payment you have to make sure that you can make up

iVillage Member
Registered: 11-17-2007
Wed, 02-17-2010 - 5:11am

PS you need to talk to Norma she had to take chapter 13 because of the same thing. She would be a great one to ask advice from. In the end going bankrupt saved her and her family.


Also if things get really bad which I feel maybe the case for you at this

iVillage Member
Registered: 10-01-2008
Wed, 02-17-2010 - 9:00am

Hi Speedy,


I can start this message by saying, "Been there and done that", and tell you my heart goes out to you.

Norma


"Patience is the best remedy for every trouble"- Plautus


iVillage Member
Registered: 04-10-2003
Wed, 02-17-2010 - 9:01am

Sorry to hear you are going through this. Hopefully Norma will be around soon (as MaryAnn said, she went through the EXACT same thing). She declared BK and you can tell (even on the boards) how much lighter and happier she is for it. I'm sure she'll respond sooner or later.


In the meantime, keep your chin up. Hope things turn around!


Bex -


"Yesterday is history, tomorrow is a mystery, today is a gift -thats why its called the present."


Bex -

iVillage Member
Registered: 04-10-2003
Wed, 02-17-2010 - 9:13am
Ha! I guess we responded at the same time. As soon as I read the original

Bex -

iVillage Member
Registered: 02-16-2010
Wed, 02-17-2010 - 9:29am

I cannot begin to thank you all for your positive postings and giving me the courage to do what I know I need to do for myself and and my family.

Norma: Your story brings me such hope. I too will do whatever I have to do so long as I don't lose my home. Thank God I too have a family/friend attorney who has experience in bankruptcy that I will be calling today to schedule an appointment with. I always felt ashamed of the word "bankruptcy" but if it means saving my home and living simply where I can breath, then so be it.

Again, I am blessed to have had contact with each of you and I will keep you posted.

Speedylulu :)

iVillage Member
Registered: 10-01-2008
Wed, 02-17-2010 - 10:42am

Chin up Speedylulu, it's a little frightening, but with a good attorney, you can make it through it.

Norma


"Patience is the best remedy for every trouble"- Plautus