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Posts: 4,379
10/24/09 2:39 A

Hey there! You said you'd be here...

Now we can compare even more stories/trials. My DH also decided to start his own business with a friend, I agreed to do the books. That friend left long ago, realizing this wasn't going anywhere. Since I was unemployed, DH & I kept at it, but I don't think we've truly made any money, what with all that's been put into that business.

I don't blame DH for all of our debt - I should have been working outside of this, since realizing we weren't going to make it just with this business. So now I am, but not yet full time, and the debt really is HUGE. I've tried to organize a few payment plans, but I can't do all of them.

I feel for you, Jenn. Somehow, I know we'll all make it through this!

Take care.

Posts: 9,822
10/20/09 5:58 P

Hello Jenn and welcome to the team. In regards to bankruptcy is it possible to bankrupt the business and keep it separate from personal? My ex, that's what he did, he went bankrupt with the company and it didn't affect his personal line of credit. He was able to move out from under a huge mountain of debt - over $100K - and go forward without too much difficulty. This even included getting loans to continue his education.

Now me, I left the relationship, the company wasn't in my name and I incurred all his personal debt as (silly me, naive me) allowed him to use my credit cards. I ended up deep in debt and was informed not to bankrupt, as it was half the company debt. So years later I struggled and struggled until finally I went to a credit counsellor who assisted me to get out from under it all.

Its tough to be self-employed even without the recession. Been there, done that. Sounds like you've looked at all sides and now are doing what is best for your family. We'll be here to support you through it all. And there is a board on the team focused on bankruptcy. I will post a link later as I have to run now.

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10/19/09 6:02 P

Thanks for the welcome you guys. Believe me, if the debt wasn't so B-I-G, we might not consider bankruptcy either. Compared to the JUDGEMENTS we're probably incurring about now, a bankruptcy is nothing. We couldn't get out of this in 2 lifetimes, ok, & we're both 50+. Well, I'll be 50 next month anyway. I never dreamed I'd be in this kind of debt in my whole life.

Jenn

SparkPoints: (46,092)
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10/19/09 5:24 P

Hi and Welcome to the team.

I can't say I have experienced filing bankruptcy either, but know what it is like to be told, "your best bet would be to file bankruptcy". That was from a credit councelor a couple of years ago. I was in tears, but I thought no way was I going to do that. Bankruptcy was not in my vocabulary!

It has been a struggle, but I am finally feeling a little relief come my way. I have been able to pay of some bills, but still have plenty to go!

Write down everything you spend with using cash or credit cards...see where your money is going if you haven't already done so. There is a lot of good ideas on here and some that have filed bankruptcy that can help you out!

Good Luck!!

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Posts: 16,869
10/19/09 3:25 P

Hello & Welcome, I was just over to your Sparkpage messing it up with a double post!! I'm at the office and this computer is too slow and then when I hit send/post more than once, because I get impatient, the other party suffers.

So sorry about your business. This recession has really done a number on all of us. Knock on Wood, I've never had to file bankruptcy, yet! But there are members who have and can share with you. My delinquent debt is all credit cards and my fault, as I went through a period of living way beyond my means. I still struggle each month but the spending plan/budget has really helped me to stay on track. I've given up a lot but that's OK, cause I didn't really need it anyway. You will get back on track!

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SparkPoints: (129,570)
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10/19/09 2:59 P

Hi - Jennifer here. 49, married, live in Texas, 3 grown kids, 3 grandkids, 2 silly dogs. heehee

Oh...& deeply in DEBT. Most of it from my husband's mid-life career change/starting a new business, & going into it WAY over our heads, & things not panning out anywhere near as good as he thought they would. I know that positive thinking is a good thing. But I don't think risking more money than you physically have is smart either. Now, 3 years later, he's seeing the light, & actually said "If I'd known how much it was going to cost us, I never would have done it". I don't feel SMUG exactly - too depressed for that - but the words "I told you so" don't even NEED to be spoken. I'm the "negative thinker" - by reputation even. But as our old pastor said, I BALANCE my husband, & he DOES need to listen to me sometimes. (He knows us both QUITE well, ok) I'm not sitting here saying I've never wasted money, or I don't share ANY of the responsibility for the debt we're in. But if it hadn't been for the business(s), any other spending would have been TRIVIAL by comparison.

We went & saw a bankruptcy attorney several months ago, & haven't even had the money to start paying him. So here we sit. Can't even file bankruptcy. Good grief.

Ok - that's my fuss & whine. Thought I'd join for support & understanding from folks who were in similar financial distress for all different kinds of reasons. Also, maybe some hints & things on how to get by until things get better. (It's hard to eat right when you get alot of your food from food banks/pantries.)

Laters all - Jenn