Debt Advice For Self Employed People
Posted on
July 17, 2009
at
5:26 am
Hello, do you have some debt advice for self employed people? I was told in passing to file a Chapter 11 bankruptcy but I'm not having any of it because I do not understand it. Bankruptcy sounds awful, so if there's another way to get out of debt other than that..I'd appreciate it. Thank you.
Posted on
July 17, 2009
at
5:30 am
You are right to not file bankruptcy just yet and with regards to your debt, you have to sort out your debt types. Are they mostly secured, unsecured, or a combination of both? Bankruptcy should be reserved for consumers who have mostly secured debts and who are trying to avail of the automatic stay protection.If you need to speak with a debt consultant and if you are not comfortable disclosing your financial situation in the thread, feel free to fill out one of the forms here, and speak with a debt expert. You won't be asked to pay anything.
Posted on
July 17, 2009
at
5:34 am
I'm actually not that well versed when it comes to business debts but if your concern is with regards to some of your accounts being frozen, or you are unable to trade, receive money or issue them--maybe you should seek the help of a lawyer. Maybe a lender or a creditor has obtained a default judgment against you and you weren't informed of which.
Posted on
July 17, 2009
at
5:40 am
About bankruptcy, since we do not know the exact nature of your debt, self-employed consumers can file under Chapter 7 instead of Chapter 11. In a Chapter 7 bankruptcy, your assets (non-exempt) are going to be liquidated to pay off your debts. I've heard of what they call a debt restructure package which you maybe should also look into to avoid bankruptcy.
ck Rep Points:
Posted on
July 17, 2009
at
5:50 am
I think what paladin was referring to is one of the services that a debt relief company can offer a self-employed consumer. Although you may do debt restructuring yourself, you might want to consider enrolling in a program instead. That way you can concentrate on your business and not spend so much time overseeing the restructuring of your debt.
Posted on
August 24, 2009
at
12:41 am
You can borrow from your self-employed 401(k) as well, if you have one, that is. I believe there is such specifically for self-employed individuals such as yourself, and you can use these funds to pay off your debts. In terms of debt advice for the self-employed, I believe that can help you a lot.
Posted on
August 25, 2009
at
1:22 am
Is getting a loan a good idea? I've heard some news on debt advice for self-employed people that business owners can get a business loan to have their bills paid off. Apparently it's a government-funded thing. What do you guys think abt that?
Posted on
August 25, 2009
at
2:33 am
Right. There are government-funded loans specifically designed for business owners, but take note that these aren;t for the purpose of paying debt, but rather, to help them put up their business by acting as temporary capital.BEsides, obtaining a loan to pay off another loan is not a very good idea--because it functions as a scapegoat or an easy way out to a long-term problem. Robbing Peter to pay Paul is not an advisable option because it may lead you into more debt.
Posted on
August 25, 2009
at
2:52 am
Right. Take using a low interest credit card to pay off your debt for example. You'll be charged additional interest on top of all the other things that you need to pay on your existing debts. To begin with it may be quite daunting for an individual or a corporation with a bad credit history to obtain a loan or line of credit with a low interest rate, given that it has had an unsatisfactory standing....
Posted on
October 12, 2009
at
6:23 am
It used to be that the only debt advice for self employed people is to file bankruptcy...'glad that now changed..
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