Small business with a lot of credit card debt. What to do?

It seems pretty obvious, but try to bring in more money, and pay down as much of the debt as you can. If you have a history of good cash flow, a local lender may be willing to open a line of credit for you at a lower rate than the credit card company so you can look into that possibility. Other than that, if the business is failing completely, you should seek the counsel of a bankruptcy lawyer to determine whether bankruptcy might be appropriate for your business or for you.

Good luck. That's not legal advice as I don't hold Pennsylvania licensure, but simply my analysis of the facts you present based on general principles of law. If you need legal advice, please consult a lawyer licensed to practice in Pennsylvania.

It's hard to respond when you say "a lot" (since that's a subjective term and doesn't give a good picture of where you stand). Here are a few questions you should answer:

- What business form holds the debt? If it's an incorporated business or LLP/LLC, you'll have a few more options than if it's a sole proprietorship or general partnership.

- What other debts/obligations does the business have (such as leases, vehicles, equipment, mortgages), and is the business able to stay current on these?

- What is the level of debt in comparison to the value of the business (assets, income, profit/loss figures)? Do you think you have anything that will allow you to negotiate with the credit card company/ies to pay off your debt at a more favorable interest rate or other terms that improve on what you now have?

- Are you able to keep up with at least minimum monthly payments?

- Are you continuing to pile more debt on top of the debt you already have, or are you able to pay off your current monthly expenses without dipping into the card(s)?

- Do you have supplier relationships that could help you to negotiate with suppliers to purchase on credit lines from them rather than to pay via bank card?

These are questions you should answer before making any decisions on your credit card obligations. With more specific information, you could get more specific advice.

Of course, as with all of my online answers, my advice is limited by the brevity of your question and the facts provided. Additional information would be required to provide definitive legal advice, so this answer isn't intended to, and does not, create an attorney-client relationship.

Good luck!