How can I rid myself of debt, without bankruptcy, Is there an alternative way out,,,?

I want to start a business, obviously i will need a business loan

Depending on how much debt you have, it may take some time. I hate advising this, but maybe debt consolidation. Depends how fast you want to get out of debt. Realistically, there is no legit, "get out of debt quick" scheme. It will always take time.

You could do debt consolidation.

pay your bills on time for 2 years.

Start by getting rid of everything you absolutely do not have to have. Then live simply for a while. Get a second job to dedicate that income only to your debt. It's hard to get caught up once you get behind. You could consolidate your loans, even settle with some collectors, but it will affect your credit for 5-7 years. It won't mean you can't get credit, but just at a higher interest rate. Good Luck!

Your best option would be to create a corporation type of business. That way your business is a different entity from you. You, personally, won't be held liable for the debt accumulated from the corporation. You will need a lawyer to draw up the papers for you and that might cost you somewhere around $500.

As for your personal debt, check to see what the statue of limitation are in your state for credit card debt. You can usually find this information on the internet. Basically what happens is you do not acknowledge that the debt is yours, ie: you don't pay it back, you don't make payments, you don't answer your phone, you do not say the debt is yours. After a certain amount of years (Pennsylvania is 4 years) these creditors cannot come back on you with any kind of collection to get any money from you. They also cannot pursue a lawsuit. This WILL ruin your personal credit, but it will not harm the corporation.

Bankruptcy isn't what it used to be. Now, you have to pay back either some or all of what you owe. Either way, your personal credit is ruined.

suggest u visit library.

going into debt to start a biz while you owe debt is = to learning to swim with an anchor around ur neck. not a 'light bulb' moment.

visit library read
'48 days to work u love' d.miller
'what colour is ur prachute'
'total money make over' d.ramsey
any 'business books for dummies'

as for debt, easy way out is NOT biz starting up . easy way out is Budget ,extra jobs, cut waste expenses, persistence and focus.

no u do not need a loan for a business.
read about most successful biz how they did.

The only way to rid yourself of debt is to pay it off. I hate to be that blunt but it's the fact. The money was borrowed or promised ---- the other party is owed repayment.

All of that said --- if you are struggling with personal debt, now is not the time to start a new business with additional debt.

1. Contact your local United Way and ask for a referral to the local "Consumer Credit Counseling Service." DO NOT use one of the "services" that advertises on late night TV or in magazines. Many (most?) of them are scams.

2. Meet with a counselor who can help you figure out a budget and, if necessary, can negotiate with your creditors to accept lower payments and/or reduce interest rates.

The earlier advice about forming a corporation is "technically" correct but "reality" wrong. NO new business is going to be able to borrow without a personal guarantee from the corporate officers and that is not going to happen if the corporate officer has no (or has bad) credit. You can also plan to pledge collateral on a personal basis. (Example - the Small Business Administration requires a mortgage against the business owners home even if there is no real equity).

Get your personal credit in line before thinking about trying to borrow on a commercial basis.

Good luck and hope this helps!

Opt for a debt consolidation loan: The easiest method of getting a debt consolidation loan is to utilize the equity of your home. Equity of your home is calculated and determined by the difference in the amount you have paid and the amount you owe. If the amount you have paid is more than the amount due, you can use it as collateral. This allows you to borrow money on lower interest rates. Besides, you also get tax benefit on this type of loan. Consult your tax advisor before opting for this loan.
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