Should I shut down or attempt to continue

[dudeman84]

I own a home improvement business in New York State.

Business is awful, my debt load is more than I want to think about. I don't see this business sector improving until the banks start loaning money again.

I have 6 personal guarantees in place for leases and loans. I don't have the legal resources to throw good money after bad.

I have work in process with customer deposits that I cannot return because cash flow is slow and or non existent until the right customer is found.

Should I shut down? I am having trouble locating a buyer for the good assets because no one has money.

I do however have another business line that I started under a new company and it will do well as some of the stimulus money begins to flow. It is not in my name and I am only an employee so long term, if I get this off the ground, I can pay myself back, my investors and negotiate the personal guarantees down to a reasonable pay back plan.

I went to SCORE and they felt I should be out of the business. It's been my life for 5 years and I was doing very well but now I have this elephant hanging over my head.

What should I do? For the business and personal.

[JustAPal00]

To get out of the personal guarantees, you will have to either pay them or file a personal bankruptcy. The decision of what to do is something only you can decide.