This entry was posted on 11/22/2011, 11:27 AM and is filed under News. You can follow any responses to this entry through RSS 2.0.
You can leave a response, or trackback from your own site.
Bankruptcy might help clear up your liabilities and assets, but it will be a while (YEARS!) before you can really take part in business. But it doesn’t resolve the underlying problems that led to being unable to meet your liabilities.
Talk with your creditors. If you can, get them all in one place at the same time, so they can understand where you are at. Most will be willing to cap the debts so you don’t keep accumulating them (through interest). At the meeting, show how you will work to clear the debts over a period. Have a real plan that doesn’t involve getting more into debt. See if they are willing to buy your debts from each other, so that your total payments in a week or month make a dent in the debt, but still leave you enough to live on – YOU need to have the plan to present, not let them control what goes into it.
#1 by L. E. Gant on 11/22/2011 - 12:03 PM
Bankruptcy might help clear up your liabilities and assets, but it will be a while (YEARS!) before you can really take part in business. But it doesn’t resolve the underlying problems that led to being unable to meet your liabilities.
Talk with your creditors. If you can, get them all in one place at the same time, so they can understand where you are at. Most will be willing to cap the debts so you don’t keep accumulating them (through interest). At the meeting, show how you will work to clear the debts over a period. Have a real plan that doesn’t involve getting more into debt. See if they are willing to buy your debts from each other, so that your total payments in a week or month make a dent in the debt, but still leave you enough to live on – YOU need to have the plan to present, not let them control what goes into it.
#2 by MadMan on 11/22/2011 - 1:02 PM
If bankruptcy is your best option then do so. Yes, your credit will be toast. But your credit will be toast anyway.