Business Partner takes me down....

I have always had and still do have decent credit. I pay my bills on time, especially my secured debt, but have a high income to debt ratio. I dont have a public record or collections - just a business partner who racked up serious debt and walked away.

My personal unsecured debt is around 36K and he added another 80K. I have been making the payments on everything for 8 months to keep my credit alive but now my savings is gone, my regular income is sparse at best, and I am left holding a heavy bag.

I am going to start with the business accounts and try to settle them. Then, if I am sucessful I will do the same with my own unsecured debt. As long as I can keep my house and car there is hope.

I am doing a ton of online research as to the proper way to go about settling debt on my own; finding sample letters, negotiation techinques, and support. I hope finding my way out of debt is just as easy but I am not holding my breath based on the stories I have read about.

DW