I am self employed. I have been running my business since fall of 2004 and I am still not taking a salary. My debt is huge, it is spread between credit cards and a couple of bank loans. The biggest loan has been signed by my husband as well and all the rest is in my name alone. The only other exception is the mortgage on the home, that is both our names as well. Can they make us sell the house to pay my debt? I don`t know what to do, I owe $65000.00 on top of this joint loan and am not making enough. What can I do?
What can I do?
Options, Impact on house, joint debt etc.
Posted on Wednesday, July 23, 2008
posted by Questions @ 10:28 pm
1 Expert Comment:
At August 1, 2008 |
2:34 pm
, Barton Goth GCO Bankruptcy Trustees Said...
There are a number of options we suggest people consider:
1. Consolidation loans;
2. Loans from friends and families;
3. Trying to personally negotiate with your creditors;
4. If you are not generating any income from your current employment you may want to investigate returning to work for someone else.
If none of these suggestions seems to be plausibile we can sit down and discuss how the filing of a bankruptcy or proposal may be able to get you over this temporary hurdle you are experiencing. This can often be done with out involving your spouse or your home, but this is really dependent on the specifics of your situation. As a result I always recommend you contact a local trustee and discuss your situation in more detail.
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