Search the Community
Showing results for tags 'business ownership'.
I have been considering bankruptcy. I have a great amount of personal debt (around $40k). I was used to making a good living with my business for many years and I spent beyond my cash thinking it would "come back." Well, it hasn't. On top of that $40k, my business partner and I have personally guaranteed loans for our corporation. The corporation is NOT making money and has no real assets. No inventory. Ran very lean and is in the red. We aren't making a salary at this point, just reimbursing some expenses. Can't even afford payroll for ourselves right now. My concern is, we don't want to close the corporation as we're working on turning it around. But this noose of debt is really affecting my mental health and focus. Has anyone filed BK with shares in a corporation? What happened? I'm so worried - I don't want someone coming in and running the business with my Partner (nor does she). I've had some scary feedback from an attorney (although he didn't see our books and how badly the Balance Sheet looks).