My wife and I are in deep debt. We have been trying to keep our small
business alive in an extremely competitive market. We just can't afford
to compete with the "big boys" and have had to use up most of our
savings, and saturated our credit lines.

I have always considered my self a responsible person, but I look at
the near $300k in debt (200k is real estate and 2 vehicles) and I know
that there is no way I can afford to pay it back. We have used personal
credit cards to purchase business equipment (computers, office supplies
ect..)

Our income has been about zero for the last year and we have been
living on the proceeds from a sale of our former home. We have about
10k left with monthly bills (personal and business) of about 6k. So now
here we are paying the "essentials² mortgage, food, insurance and
payment on our 98 olds with 110k miles. We are in a real quandary over
what to do.

Because our business is in the credit industry, we are pretty sure that
if we do file bankruptcy we will need to change careers. Both of us are
in mid 40's (no kids at home). We have been self-employed over 14
years.

I have an opportunity to work in the same field as a "net branch" for a
larger company (basically still my business but we would be w2'') but
we need to keep our office equipment that we use for our company (a sub
S corp.) We under advice from accountants used personal assets for
stock to start the business.

If we have to surrender the assets listed on our corporate returns
(some of which a personal debt secured a Macintosh Computer + a HP
computer and copier +) then we would be unable to function with our new
net branch employer and be put out of work.

The computers are very important to us, as they are our living and our
chief entertainment. (A couple real geeks) If we have to leave our
industry I am qualified to partner with Microsoft and start a
consulting business. However again if we have to turn the assets over
chiefly office equipment, then boom another lost opportunity.

I am rather depressed and feeling like my back is to the wall. Any
advice would be welcome.


Ben

Generally, if your computers are tools of a trade, they are exempt up to a
certain value depending on your state. As used computers are practically
worthless, I very much doubt you would have to part with them.

J.

"Macman169" <macman169@hotmail.com> wrote in message
news:250620032135062399%macman169@hotmail.com... My wife and I are in deep debt. We have been trying to keep our small business alive in an extremely competitive market. We just can't afford to compete with the "big boys" and have had to use up most of our savings, and saturated our credit lines. I have always considered my self a responsible person, but I look at the near $300k in debt (200k is real estate and 2 vehicles) and I know that there is no way I can afford to pay it back. We have used personal credit cards to purchase business equipment (computers, office supplies ect..) Our income has been about zero for the last year and we have been living on the proceeds from a sale of our former home. We have about 10k left with monthly bills (personal and business) of about 6k. So now here we are paying the "essentials² mortgage, food, insurance and payment on our 98 olds with 110k miles. We are in a real quandary over what to do. Because our business is in the credit industry, we are pretty sure that if we do file bankruptcy we will need to change careers. Both of us are in mid 40's (no kids at home). We have been self-employed over 14 years. I have an opportunity to work in the same field as a "net branch" for a larger company (basically still my business but we would be w2'') but we need to keep our office equipment that we use for our company (a sub S corp.) We under advice from accountants used personal assets for stock to start the business. If we have to surrender the assets listed on our corporate returns (some of which a personal debt secured a Macintosh Computer + a HP computer and copier +) then we would be unable to function with our new net branch employer and be put out of work. The computers are very important to us, as they are our living and our chief entertainment. (A couple real geeks) If we have to leave our industry I am qualified to partner with Microsoft and start a consulting business. However again if we have to turn the assets over chiefly office equipment, then boom another lost opportunity. I am rather depressed and feeling like my back is to the wall. Any advice would be welcome. Ben