I have a $50 000 Eidl loan that i cannot pay back. I am a sole prop. With a small seasonal service based business that earns me less than $40 000 yr. I have no assets. I lease a car I rent an apt My event supplies i use are prob worth $2-$300 total. I own nothing I have been paying a measly $25/ month up until last month in hardship program which I know was a waste of money. They raised my payment to $125 month which I can't pay now. What should I do? I stopped paying it last month. I am defaulting now but I have no assets to take. What is going to happen to me?
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I have a $50 000 Eidl loan that i cannot pay back. I am a sole prop. With a small seasonal service based business that earns me less than $40 000 yr. I have no assets.
I lease a car
I rent an apt
My event supplies i use are prob worth $2-$300 total.
I own nothing
I have been paying a measly $25/ month up until last month in hardship program which I know was a waste of money.
They raised my payment to $125 month which I can't pay now.
What should I do? I stopped paying it last month.
I am defaulting now but I have no assets to take.
What is going to happen to me?
If you haven't watched the video, we encourage you to do so...we answer the question about bankruptcy and sole proprietorship.....