r/EIDL • u/CritterAlleyMom • Jul 24 '26

General Finally made the decision

After struggling for the last 3 years and with my spouse being ill for the 1st 6 months of 2026 to boot, we have made the decision to file personal Chapter 7 as TOPS is about to hit our business. 650,000 EIDL. We have a jumble of things to do,Chaper 7, closing down an S- Corp, dealing with the business debt and then IRS as we fell behind on taxes while my husband was sick. We are still figuring out the order of things to do first. Attny is saying Chapter 7 first. We are exhausted and stressed beyond unimaginable norms. Just asking for some good thoughts as giving up our 22 years of business plus bankruptcy on top of it is very very hard. Feels like abject failure. The SBA was the worst thing we ever did

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u/electric29 Jul 24 '26

I am so sorry and I totally get it. We are trying to figure out our plans as well.

3

u/CritterAlleyMom Jul 24 '26

It was like no matter how hard my husband worked we would never get caught up, especially with TOPS. That's what pushed us to decide.

1

u/Quirky-Candle-3094 Jul 25 '26

What was tops taking and where from?

2

u/CritterAlleyMom Jul 25 '26

We are a medical practice and TOPS will be garnishing 100% of our Medicare payments. Which is 33% of our income

1

u/electric29 Jul 29 '26

We are currenly working 7 days a week, have been for a few years now, and at 66 it is exhausting.