BK not an option... now what?
[ Follow Ups ] [ Post Followup ] [ Credit Forum Index ]
Posted by sparky
(67.73.155.239) on March 17, 2004 at 15:39:08:
I am in Illinois and am President of my own company providing consulting services. Things are tight and I have debt. The corporation is Chapt-S and I have not been able to make enough to even pay my own salary. So no verifiable income I suppose. Tax returns show a loss for the past 5 years. My company is based in my home and pays myself as landlord a more than reasonable rent. I also took an early withdrawal from my IRA to loan the company money. Now the company is paying me back. I own my own home with approx. 35-50% equity depending on current value. I am also swimming in credit card debt. Up until and including today, I have managed somehow to maintain perfect credit by paying all credit card minimums on time. I have tried to increase my income by generating new business but the debt over my head gets me down and interferes with my business focus. The number 1 important thing for me is to keep my house. Mortgage payments are never a problem and plan on continuing to pay mortgage in timely manner. There are 2 or 3 credit cards that I have considered defaulting on and after reading the posts in here, I am having second thoughts. If a lein on the house is the worst thing to happen, I suppose I could live with that. But reading about bank account siezures, ect. has made me leary. I can't function if my accounts are frozen. I have one car that's 8 years old with 170K miles and an antique car of questionable value and in need of repair. I don't have anything left in my IRA and the only other assets are furnishings and equipment used in the business. For today I make another minimum payment but I don't know how much longer I can do this. Any advice regarding my considerations for default on only some of my cards? Any thoughts on the risk I put on losing my home? Thank-you!
Follow Ups:
Post a Followup
|
