I'm 27 and started a business when I was 20. I was making over $300,000 per year when I became sick. I lost my business and owe just over $100,000 to creditors for loans that were made to the business which I personally guaranteed. Because of my illness I haven't worked in over 4 years and haven't paid any of my creditors either. I've lost my house and my car (live with a family member), my credit is terrible and all I have left is $25,000 in cash. Should I try and work out a payment plan to my creditors and get a job? Or should I file bankruptcy and just start fresh (I hate the idea of being ruined for the next 10 years) I'm also considering starting another business with the money I have but am not sure how to handle my debt problem first. The first business I started with only $1,000 so I have enough money to start a business and don't need any more capital or credit to do it. Please serious advice only. Thank you.
2006-12-30
14:31:14
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6 answers
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asked by
Y Knot
2
in
Business & Finance
➔ Credit