Personal Bankruptcy we need direction...

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bargains

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In late 2005, my partner and I set up an internet sales business with the hopes of developing a work-from-home opportunity. Our business was formed as an LLC, in the State of Iowa and involves just the two of us.

Since the beginning, each year the company operated at a loss and had a growing debt. For the past several months, we have produced very little income. We have cut most of our reoccurring monthly expenses, but have about 30K in business debt. Our current sales do not cover our remaining expenses and credit payments.

We have been denied any more credit (understandably) and cannot afford to keep this going with personal funds. What are our options? And, which option has the least impact on our personal finances and credit.

Sincerely:

Which End Is Up?
 
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