Massive Debt From a Failed Business
When Nick opened his first business he did not realize that he could get a small business loan from the bank. Instead he applied for and received a personal loan, and used his personal credit cards, to fund the start-up. Unfortunately, the business was not successful, and now he owes $70,000, all in his name. Collection letters became daily phone calls, and the threats were getting worse, and no offer of monthly payments would satisfy them. Nick’s wife is afraid that if he files for bankruptcy, they will lose their home, which is finally showing some equity, and that they will not be able to leave the country to visit her family overseas. Nick saw no other alternative..
After many sleepless nights Nick and his wife came to see us. We explained that their house was not in jeopardy, and that out-of-country travel is not restricted by bankruptcy. Fortunately, Nick and his wife were frugal, and their combined income was enough that bankruptcy could be avoided. We helped Nick propose a settlement to his creditors to repay less than half of what he owed, interest-free, over five years. Nick was surprised that there was an alternative to bankruptcy that allowed him to satisfy his creditors. He completed his payments two years early and is now debt-free.
Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form. To learn more please visit our YouTube Channel. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.