What is the name of your state? Arizona
We are a partnership LLC, (husband and I)
Have a business that due to health reasons my husband and I are/were not able to make work.
We now owe $45k on an SBA loan, $5k on a credit line, $4k to the landlords, and $3k in credit card debt.
We have our vendors payed off.
We did sell the equipment to payoff $12k of debt to vendors, part of what we owed the landlord and paid off most of the credit card.
We have never paid ourselves while in business. Just as we were taking off, we had our 4th kid almost 2 years ago and I and 2 sever hospitalizations last year.
The SBA loan is not attached to any of our property but we did persoanlly guarentee it along with my father in law.
I don't want to welch on our debt. But we are no longer doing that type of business either.
However we have started a new business which we are taking slow and is showing potential, without as much effort as the other business did, and with my health I am able to do this one. Plus, we will never have to have the overhead of a shop or equipment like we did with the screen printing shop.
Should we file bankruptsy? What other options are out there, especially since the business is no longer bringing in buisness? HELP!!