Personal financial options

So let’s assume that Mike was breaking even with his business and then COVID hit. And Mike lost a lot of business temporarily, and Mike got some SBA loans. He got the payment protection plan. He got an Eid alone. You know, these are personally guaranteed loans. And so now he’s back to breaking even, but he can’t afford to pay these loans back. And, he’s ref backed up all the personal credit card debt, paint his own living expenses during that time. Well, a personal bankruptcy will take his name off of those loans. That means that if, if Mike’s business, if Mike’s done with business, he’s moving on to something else. We can let that business die, take his name off the loans, and they can go kick that dead horse, all they want, that’s not going to affect Mike in the future. If Mike has a bunch of personal debt, credit cards and things that he use for his living expenses, he can take his name off of those loans.

That’s going to take his low credit score from down here, where he was missing all of his payments back up to the mid six hundreds. Whereas it should be, at least should start because he no longer is missing payments because there’s nothing to do. He has no outstanding balances and that’s going to allow him to, be able to move forward with life and, and be a responsible business owner. And hopefully be even, and be making income and not need to borrow that money. But when the time comes making the right decisions after bankruptcy gets your credit back up in the sevens where it belongs so that you can get a decent car, a decent interest rate and continue working on your business.

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