2 ms·
It seems like you have a few options: 1. Get your financials together very quickly, and go down to every credit union and bank in your city (asking for a colla
by MalcolmDiggs 11y ago
It seems like you have a few options:
1. Get your financials together very quickly, and go down to every credit union and bank in your city (asking for a collateral-backed small business loan). A week is plenty of time to write these things down, you don't need a fancy powerpoint, just numbers.
2. Sell 115k of the assets quickly, keep 78k of them, keep running the business (on a smaller scale) and slowly build your assets back up.
3. Declare bankruptcy to get a stay-of-execution from whatever liability is coming due in 2 weeks. This would, at least, but you a little time. Not sure of the bankruptcy laws where you are, but in the US, your assets would either be auctioned off, or you'd set up some kind of payment plan with your creditors, depending on the type of bankruptcy you elected... and then you'd slowly work your way out of it.
4. Open up a line of credit for the business, or get a line of credit on your personal assets (like a HELOC on your home). I'm not a fan of either option, but if you're in need, you might want to resort to those.