I’m new here, and would like to discuss my story…any advice is well appreciated! Sorry, kinda long.
Our debt story began when my husband got laid off from a good paying Union job in 2003. He never got called back for a FT job. We were in the process of starting our own Heating & A/C business at the time he got laid off…and we started things up and he went FT with our business. I work PT as a nurse, but make FT pay.
Of course, we accumulated a lot of debt to buy stuff for the business, and to provide our living expenses when he didn’t get paychecks…Owners are last to get paid. That landed us to where we are today….
- around $50,000 in credit card debt for our personal finances.
- around $45,000 in business debt, of which we are personally liable for…mostly $ due to our suppliers.
To compound the situation, my husband was diagnosed with Adult ADD (Attention Deficit Disorder)last year. He is a super smart, mechanically inclined man…but lacks motivation to get started and to finish jobs, is disorganized, irresponsible with money and spending habits. Unfortunately, this affects our business. We are trying to find the right medication for him, it’s been rough!
I feel we can negotiate our way our of credit card debt, IF he gets another job making descent money…and avoid bankruptcy.
The business CAN be profitable if managed correctly. I feel I have the skills to be able to take it places, but was held back b/c of my husband who wanted control. I know it can be profitable.
BUT, we are personally liable for the business debt, even though it’s a corporation. SO, we can’t simply fold the business, and file bankruptcy with the business, b/c they will come after us…and the only way to avoid that is to file bankruptcy ourself, after closing the corporation, and include the business debt in with our personal debt in the bankruptcy.
I would like to avoid bankruptcy. It is a possibility to keep the business open on a part-time basis, but nearly all the profit will have to go to debt, and maybe later after my husband is settled, he can start it up FT again…the right way. Or, keep it as a part-time thing, and once all is paid off, it will be all extra money after paying for parts and supplies.
That’s my dilemma! Big one, huh? Any advice, or stories, encouragement is welcomed!
Thanks for ‘listening’