What is the name of your state? Ohio
Two years ago I made the worst decision of my life and bought a retail business along with the commerical building it is operating in. Our loans are, unfortunately, set up with our personal guarantee. The building is set up as a LLC and the business is set up as a corporation. The building/business are the purpose of the loans and are listed on all the loan documentation as the collaterial.
We are, at this time, current with all vendors/bank/taxes etc, but only with our contributing additional cash from our personal account, which is down. The saddest part is that I have a wonderfull family of my wife and two small children that are doing without due to this. I need to get this to end and start moving forward.
The business appears that it is not going to succeed.
We currently have the building/business up for sale but the market is tough.
Do I continue to throw personal monies in until I run out completely? Do I refinance my personel property so I can throw more money in? Can I file business BK without affecting my personal credit or belongings?What is the name of your state?
Two years ago I made the worst decision of my life and bought a retail business along with the commerical building it is operating in. Our loans are, unfortunately, set up with our personal guarantee. The building is set up as a LLC and the business is set up as a corporation. The building/business are the purpose of the loans and are listed on all the loan documentation as the collaterial.
We are, at this time, current with all vendors/bank/taxes etc, but only with our contributing additional cash from our personal account, which is down. The saddest part is that I have a wonderfull family of my wife and two small children that are doing without due to this. I need to get this to end and start moving forward.
The business appears that it is not going to succeed.
We currently have the building/business up for sale but the market is tough.
Do I continue to throw personal monies in until I run out completely? Do I refinance my personel property so I can throw more money in? Can I file business BK without affecting my personal credit or belongings?What is the name of your state?