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I am a 70-year-old who has closed his business due to family heath problems and I have a line of credit with a bank for $47,000 and no way of paying it off; what can I do?

I am 70 years old. I have owned an S Corporation since 1998. Unfortunately, my wife got sick and I had two surgeries and the business became a struggle. I closed the business in December 2018 and paid every debt we had except one line of credit, on which I owe $47,000. They have sent a demand that I pay the debt. I have no way to pay it. I am worried that they will try to take my house. What can I do?

Banking, Debt, Personal Finance, Small Business
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June 2019

You should hire a business lawyer or bankruptcy lawyer to advise you and negotiate with the bank.

He'll need to determine right away whether or not you made a personal guarantee of the loan or if you pledged your house as collateral.

Good luck to you, sir!

June 2019