Small Business Casualty
So my husband and I opened a small construction business in October of 2007, yeah bad timing doesn’t even begin to describe it. We had a booming first year thanks to a few huge projects, however as the economy sank lower and lower our company just wilted. We could never get a small business administration loan because my husband had a record from 17 years ago when he was a teenager, so we used our personal credit borrowed from family…
The banks kept telling us “once your company has been open for 2 years you will have no problem getting a business loan from the bank” So we counted the days and when we had two years in business we showed up with our business plan and loan application in hand and were quickly denied! No one wanted to give us a loan again!
We borrowed we used our own credit and we cut the company down to nothing trying to wait out the recession but finally after not being paid for 6 months straight I had my husband officially let me go just so I could get unemployment.
So now that we have racked up a whopping $175,000.00 in personal loans and credit card debt and we are bringing in a grand total of $1,700.00 a month thanks to the state of Texas unemployment we are faced with not only having to close the company but also follow it up with a super fun personal bankrupts woo hoo!
We gambled and we lost…
Or did we?
Now faced with the aftermath we are considering moving to Bonaire and working on a resort or dive boat, why not our credit is shot for 7 years and we always wanted to run off to a tropical island but we had so much to lose if we did it, now we have nothing to lose!
Hello Sunshine, see you guys in 7 years, hopefully by then the economy will have turned around 🙂
This post was submitted by mmj.