Crazy debt to my eyeballs
Date: Mon, 06/18/2007 - 15:49
Hello all,
My wife and I recently got out of a business venture that left us in the hole a great deal. Due to lack of cash flow in the biz, we compiled alot on both personal and "business" cards. In a nutshell, we don't make enough to pay all the monthly minimums, we will eventually default on something staying the course were on now, so ideally we would like to consolidate it all. Talked to the bank and they want to do a second mortgage/home equity thing. But we don't have enough equity to consolidate it all, so what's the point? Furthermore, I'm not entirely sure if the "business" cards are under my social or Tax ID number, the application process was just too long ago to remember.
My question is this, does anyone have any suggestions about consolidating, and is it even an option? Also, does anyone have an idea regarding business debt and how liable is the owner to pay it back if they are no longer in the business in any way? I've recently consulted one of those debt negotiating companies that wipe out 40% of your debt as you pay their fees while they negotiate with the creditors for you. Has anyone had any experience with one of those? Any advice will be greatly appreciated, thanks in advance....
My wife and I recently got out of a business venture that left us in the hole a great deal. Due to lack of cash flow in the biz, we compiled alot on both personal and "business" cards. In a nutshell, we don't make enough to pay all the monthly minimums, we will eventually default on something staying the course were on now, so ideally we would like to consolidate it all. Talked to the bank and they want to do a second mortgage/home equity thing. But we don't have enough equity to consolidate it all, so what's the point? Furthermore, I'm not entirely sure if the "business" cards are under my social or Tax ID number, the application process was just too long ago to remember.
My question is this, does anyone have any suggestions about consolidating, and is it even an option? Also, does anyone have an idea regarding business debt and how liable is the owner to pay it back if they are no longer in the business in any way? I've recently consulted one of those debt negotiating companies that wipe out 40% of your debt as you pay their fees while they negotiate with the creditors for you. Has anyone had any experience with one of those? Any advice will be greatly appreciated, thanks in advance....
You will see many companies but not everyone will consolidate bu
You will see many companies but not everyone will consolidate business debts. Speak to the consultant referred by this website. They might be helpful in your case.
