small business suffers because of alcoholism

[bobbybou]

What is the name of your state (only U.S. law)? MASS
My wife is a small business owner. During her alcoholic state of denial, she took out lines of credit and credit cards to keep her business afloat. The time of truth has finally arrived and we find ourselves at the brink of financial disaster.We are trying to determine whether or not she has personally guaranteed these loans and charges. I fear that she has put up our home as collateral. Luckily we signed a homestead but I fear the equity has been tapped.
If she personally guaranteed these loans,as her husband did I also guarantee these loans? I have never signed any documents saying so.
How can we negotiate with the credit card companies? What percent on the dollar could they possibly accept? Are there basic guidlines for determining Chapter 11 or 7? We want to keep the business alive for the meantime because shutting it down could ruin her chances of staying sober at this critical time. I don't know where to turn.What is the name of your state (only U.S. law)?

 

[Slowpoke]

small bussiness

OMG Sweety I have seen this too many times,and if she dos not gt help soon she will loose you. But sh has to want to be helped

good luck hun

 

[Slowpoke]

small bussiness

OMG Sweety I have seen this too many times,and if she dos not get help soon she will loose you. But she has to want to be helped

good luck hun

 

[Slowpoke]

sorry double post

 

[angie1313]

I'm sorry to hear all this. I think the first thing she should do is to seek help for her drinking...I know your financial situation is a mess but there are somethings more important than money...

I wish you both the best.