I owe over 400k on my business credit card ,since the business is going down my only way to payback my debt is

Question

to refinace my home.i'm afraid if the refinance doesn't get approve since my credit score is down what's my other options ?

Answer 1

Bankruptcy, they say it stays on your credit for 7 yrs but it's more like 12. Good luck, I'm in debt too.

Answer 2

MLetty, has a great answer, and in a nutshell you should contact a lawyer so that they can help you sort this thing out.

Answer 3

It depends on how your business is set up and what assets you have tied to it.  Do you have any UCC filings on your business assets.

I have read the other two answers and keep in mind that under the new bankruptcy law even if you file a chapter 7 you are not completely free of debt and the possibility exist that you may have to include your home in the filing. The new laws require that you pay back a certain amount of your credit card debt.

First I would take a look at my business and get rid of all unnecessary expenses.  

Second-See if you own equipment FREE and Clear that you don't need and can sell.

Third-Contact your credit card company and see if you can get rid of the interest.  Some credit card companies will work with you and some will not. Even if you go in to Consumer Credit Counsiling they will go to the Credit Card Companies and get all or part of the interest forgiven.  In fact you can go into Comsumer CreditlConunsilling( FREE SERVICE) have them take a look at your situtaion and see if they can help you out.  They can usually bundle your debts and get it down to one payment per month.

Good Luck

Answer 4

If your business is set up so it is a separate legal entity, you may want to let the business--not you---file bankruptcy.  The adverse effects of the bankruptcy should be confined to the business and not adversely impact you as an individual.  You may want to sit down with an attorney to make sure that the manner in which you have set up your business insulates you from any personal liability for the bills of the business.

Answer 5

If you file a bankruptcy, it stays on your credit report 10 years...wipes away all your debt. You would need to speak to an attorney, which most will do a first free consultation. Criminal fines, taxes, child support, government loans are not dischargeable thru bankruptcy, but....unsecured and secured can be included...Secured debt you would re-affirm on the debt if qualified thru a 7......chapter 13, you can run thru a plan thru the bk courts...it's best to talk to an attorney. You will need to show income, all your debts, taxes for last 4 years. You may only need to file bk on the business and not personal..it all depends on what you have tied into the business. That's another option if you can't re-finance, but an attorney would be good for either re-finance or bk...will give you some ideas on what you can and can't do.....There is life after bankruptcy, you can keep a home, you can get loans after, just at higher interest rates, but..with good pay histories after, can re-finance and gain financial freedom again!

Good Luck!

Answer 6

You will probably be able to get a refinance approved with a low credit score if you have substantial equity in your home.  You just won't have a good interest rate if your credit score is poor.  Use the tool at the following link to see if you qualify and if you are serious, do a prequal with a mortgage company on the condition that they won't run a credit check, which may further lower your credit score.

http://www.eraevergreen.com/home-tools/c...

Answer 7

Check out http://www.ineedrates.com

Answer 8

Hi,

I used "Credit Solution" to settle my debt and improve my credit score.They managed to reduce my debt up to 58%.It's legitimate. Icame across this company on NBC News Special Edition.Check it out here:

http://memurl.com/furetu