So I own a franchise and 2017 was amazing. I was able to pay off the loan that I received to obtain the business plus I grossed just under 100K in salary after all expenses were paid. Well 2018 was crap. Another franchise was allowed to be opened 1/2 mile from mine in a location with better parking. Sales plummeted by 40% and I had a few unplanned expenses. My salary dropped to about $25,000 gross. I had to use credit cards, savings and a small loan to keep the business afloat. I had to move in with my parents at 45 years old. (Yes I feel like a loser. )
I was able to turn around the performance of the store in the last 2 months by hiring an awesome sales manager and targeting B2B sales. However, I am not making enough to pay all credit card expenses. I need to find a way out of this mess. I have looked at debt settlement, bankruptcy and credit counseling. I am leaning towards personal bankruptcy. What would be the most viable option? The sale of the store is an option, but net proceeds would be about 30K based on current valuation. A loan may not be an option since my credit has plummeted from high 700s to mid 500s.
Submitted December 13, 2018 at 12:04AM by reevee69 https://ift.tt/2zWvRdD
