Husband's Self-employment and Debt Has Me Stressed Out

WOW! I can't believe I found someone going through almost the same scenario I am going through!!!! I have taken over my parents company now in it's 5th year. My parents are over 100k in debt, depleted their 401k, multiple c/c's, etc. We were on the verge of bankruptcy as well. My Mom was so caught up in her dream that she couldn't come down to the reality of running a company properly. So, I quit my high paying job to help her. I know it was inspired by God, but I was still VERY negative about the whole thing. I finally decided to read success & motivation books to see what it took to turn this company around. Every single book.....even Donald Trump said FAITH. I couldn't believe it because I wasn't brought up that way. The formula given to me was to have faith, pray, positive attitude & mindset....then be prepared to receive. There is a reason why people say prayer works and I am still watching it happen each day. It is not an overnight change, but if everyone pulls together it will happen faster. There are many small business loan opportunities that will clear that c/c debt. Then you'll have more time to make a decision. No matter what we have to support our loved ones through their dreams and visions. Anyway - it was great talking to someone in my same situation....if you need any advice or support in running a biz - let me know. S.

Dave Ramsey can really help. Im not sure if he is still on in OKC during the day as I work during the day now and cant listen to the radio. You can check Daveramsey.com and see if he is on here. You can also call his show and talk to him personally. My husband and I had a lot of debt and we can finally feel like we can breathe again.

L.,

Wow! I misread the date and didn't realize you wrote this a year ago! How are things going now?

I've been thru similar things with my husband, too. We started a trucking business almost 3 yrs ago with a one year old daughter. It was a learning process, but as you know, you learn best from your mistakes and mistakes are usually costly. So after almost 3 years of struggling and investing, my husband has been forced to get a "regular job". He is thankfully still driving his truck (which makes him happy I think) but is leased on and it is with a small company with a good boss. He just started driving for him this past week. So we've got a lot of catching up to do, but I am very thankful that he will have somewhat of a regular paycheck. I used to think it was silly that so many people divorced over financial issues....then things got bad for us. We are not divorced, but finances do stress both people out which wears and tears terribly on your marriage. So, for you children's sake, don't let it tear your marriage apart. Money is just money. Being together as a family, with the Lord's help, you can make it thru anything. I realized that I'd stopped praying for my husband and had started to try to "make" him see things my way. He already had several people on his back. As his wife, I should have been his support team, not someone else nagging him. So pray daily and sincerely for your husband. There were 4 road blocks in the way of my husband being able to use his truck to make a living with and God took care of all of them. We were humbled and had to ask our church and Christian friends for help, but the Lord provided.

It's tough making a business work, so give him a break, but also try to help him learn from his mistakes. Putting all the expenses on credit cards was not wise. See if you can consolidate them. This stops the calling and usually lowers your interest rate. It also makes you close all your credit card accounts, so that kind of spending is eliminated. Also remind him that letting you be involved would be greatly appreciated. Let him have the final say, but have him run stuff by you first. That will give you input and at least allow you to make suggestions. Two heads are better than one. That's one thing I'm thankful for...my husband always wanted me to be involved. The Lord be with you, your husband and your marriage!
J.

I understand your stress. My husband started his first business 2 years ago and he is not very organized. Fortunately, he has never put anything on credit. What I am worried about is how much taxes he owes. I know it is more than 15K. anyhow you said your husband does web design. My husband is looking for someone that does web design. Can you give me a web site to look at or a way my husband can contact him? Also a book I would recommend other than the Dave Ramsey books is Rich Dad, Poor Dad. Very good.

I'd try for bankruptcy as a last resort. It may help you get things under control, but that will haunt you for at least 7 years. 7 years is a long time to go without having to have someone look at your credit. Some companies will look at your credit history before they will even give you an interview.

My suggestion is to get all of your bills, receipts, anything you have for the business that is about to close and talk to a tax advisor. You may be able to write off some of that debt and that can help a lot. Also, you need to a make a budget. Make sure you leave some wiggle room, but start paying off those credit cards as fast as you can, highest interest rate first. If you get offers to go to 0% interest for a few months, read the fine print and if they won't backdate the interest if it isn't paid off when the offer expires, take it. The max fee is usually around $75-100 and you'll save that in one month alone. Cut out anything you don't need, buy generic, etc.

It'll take a while, but you'll be able to get through it. Just make sure you have a plan and stick to it! Good luck!

Call Dave Ramsey that guy is a genius in money matters...well in my opinion. he says to eat rice and beans rice and beans til debt is gone. im on the path now, not going to lie it sucks never using money for anything extra, he will advise you on how to work with the creditors and get it gone lil by lil

I agree. Call Dave Ramsey. If not, go out and buy one of his books! I know it's hard, but stay united with your husband. Don't let debt take your marriage as well. Remember this is a phase and it will pass. Stay strong!