We are personally responsible for our business debt

I am in my early 30’s, married with 2 kids-4 y/o and 21 mths. Our debt began when we started our own Heating and Air Conditioning business 3 years ago. Since that time, our annual income has DECREASED by ~ $50,000!! We were so used to living on ~ $90,000/yr, and never really adjusted to the drop in income.

Now, the business is $50,000 in the hole, and us personally are
$50,000 in the hole. Unfortunately we are personally responsible for our business debt, so that means we are $100,000 in the hole.

Long story short…My husband lost motivation to go to work, thought he had ADD, he was treated for ADD, only made him worse, finally now treating him for Depression. I too am depressed and have anxiety. Not only that, but we had other stressors along the way: my grandma passed away 4 months ago, she was really sick the last year, petty issues with family, and toher stuff.

My husband is doing better on his new meds. I’m trying to find the right meds for me, nothing is working right now. I sleep a lot, and feel so blah. I have to work to bring money in, my husband can’t find a job that pays anything decent, now has decided to go back to school to complete his mechanical engineering degree.

My house is in foreclosure, behind on our car payments, had one service van repo’d. stopped making payments on Credit cards in Sept. Our annual income last year was only $52,000…my husband rarely had paychecks.

Before we can file chapter 13, I have to get my corporate taxes done, they were due last week, had to file extension b/c I just don’t have the energy to do them. I want my refund before I file, or else they’ll take it.

I feel for you, being a single mom…it’s hard going through all the debt stress. Now, my husband is feeling better, I’ve been pushing a lot of things onto him, b/c I just can’t do it anymore…I tried to stay functional for so long, while depressed. It was almost like I was a single mom at times, b/c I didn’t have my husband, he just wasn’t “there”…he didn’t seem to get how deep in debt we were, he didn’t see the reality of what was going on. He was in La La Land. Now he’s coming out of it some.

I hate to see our business go, but it is way too much stress for me, so we’re going to close it down, assume its debt, and file bankruptcy…it’s the only light I can see. I could settle my personal debt, I have some money to do that, but can’t do the business debt too….they won’t settle, it’s distributors and credit cards.