What is the best way to deal with both business/personal debt?
Question Details:
I opened an LLC 2 years ago, working mainly in real estate. The vacation home business cost me money instead of making me money. Now I have $65,000 in debt and I am receiving personally collection letters. I don't know what to do. An attorney said he could help but wants $2000 retainer and I don't even have that. I live in Texas but my company is located in Las Vegas. I joined a real estate investment group there and own this vacation home out there as well. Help! I feel like I am in a corner and am trying to keep my personal debt in check as well but it is starting to all crumble.
You have a few different options. Are the credit cards in your personal name or in the business name? Are they guaranteed? Also, who owns the real estate?
