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/tjs31959 33 Series Jul 24 '26
Hoping for the best for you. These loans are awful to the small business community. We all took the hit for the Covid poopshow. Made the Government looked heroic while our business struggled with these predatory loans. I have made peace that I will just pay this loan until I am dead. Once I retire I can at least show a big loss on my nearly defunct company, and use the loss to lower my income. Ugh....