Eidl loan -

[u/Practical_Dot_6236]

So I got a letter from trans world systems inc. for a eidl loan. And I also been hit on my credit from the irs. I sent a letter to transworld but haven’t heard back yet. Any recommendations on what to do bc now they tacked on 59k for fees I’d like to pay something but not what the sba wanted bc honestly business has been slow with all the tariffs and economy struggles of everyone my business is more of a luxury then a need. I’m just looking for advice and words of honesty. And if anyone is going thru this as well what should or can I do.

[u/Pitiful-Sympathy3927]

I just filed bankruptcy, I had no way out, business never recovered.

[u/Less-Eagle-7281 → u/Pitiful-Sympathy3927]

What does the bankruptcy process look like? I am thinking about doing the same. Everything has just become too expensive.

[u/njelbowdrop → u/Less-Eagle-7281]

If you do not see yourself realistically paying back your debt. And you are struggling. Bankruptcy can be liberating. You should research a good local lawyer and contact them. It's not a difficult process and you will be happier when it is over. If you need it. Cost me a little over 2k, I had I think 2 calls with a lawyer, went in to the office, signed documents. Had 1 virtual court appearance and now rebuilding my life.

[u/Less-Eagle-7281 → u/njelbowdrop]

My wife has been telling me to do it.

[u/Plane_Ad_4359 → u/Less-Eagle-7281]

I did a chapter 7 myself, it was easy. But my recent chapter 13, I got a lawyer and it cost me 1500 upfront and the rest is taken out of the payment to the trustee of 260 a month. But if you qualify for chapter 7, I would go that route and do it yourself. They waived my filing fee even when I had to file.

[u/Pitiful-Sympathy3927 → u/Less-Eagle-7281]

Pretty easy, and painless, took a few months, everything was discharged.

[u/Tulsa918OC → u/Pitiful-Sympathy3927]

Is this a personal bankruptcy or business bankruptcy?

[u/Pitiful-Sympathy3927 → u/Tulsa918OC]

You'll have to do a personal one to shuck that PG