Background: I own a small business and have run up credit card debt. I would like to keep my business, if possible. I have run out of savings and own nothing. I rent an apartment, rent my retail space, and I'm still paying on my 2005 Ford Focus (3 more years).

American Express has sent my $20,000 balance to collections. They are going to sue me in less than 30 days. I was told not to go to Court because they can't take anything from me, since I have nothing. Is this true? I was also told they could put an additional lien on my car, however, that would be unlikely, I was told. Can they take my inventory ($50,000 inventory)?

My bank accounts have less than $300 at a time. My business equipment is worth less than $1,000. Again, inventory is $50,000. None of this is being used as collateral.

I also have 2 unsecured loans for my business. Can I just stop paying my unsecured loans as well? I was advised to just stop paying my credit cards, since I can't pay anyway, and I have nothing they can take. One is an SBA loan that I did NOT personally guarantee. The other I did guarantee.

I also owe 3 advertisers that are calling and harrassing me to make payment. I signed that I would pay them and any legal fees, if I do not pay. Can they force me to pay? My only income is money that comes in daily from customers at the store.

How and when do I let all these people know I have no extra money to give? Am I judgement proof? If so, how do I let them know?

Can I keep my store?

tcc