First, I will start off by saying that I know there is no one to blame but myself. I have been trying to get back on my feet but have found myself more depressed and lost than ever. I should have made a post asking for insight months ago, but here l am now hardly hanging on.
I’ll keep it as concise as I can.
Background: I have two e-commerce stores under one LLC (each as a DBA) for the past 5 years, banking entirely with Chase. Over the last 4 months, sales dropped sharply while shipping costs nearly doubled. I took Shopify Capital loans to try to turn things around, but chargebacks, lost disputes (~$1,500 in one case alone), refunds, and operating costs have wiped me out completely.
Current situation:
- Chase closed credit cards + business checking will close on May 1st.
- Credit score dropped over 100 points to 490
- Actively job hunting for the first time in 10 years
- All income going to food, rent, and basic necessities
Outstanding debt:
∙ Chase Freedom — $2,000 (closed)
∙ Chase Slate — $1,500 (closed)
∙ Chase Sapphire Pref — $5,000 (closed)
∙ Chase Ink Preferred — $5,000 (closed)
∙ Chase Ink Business — $1,200 (closed)
∙ Discover Card — $2,000 (open)
∙ Best Buy Card— $2,000 (open)
∙ Shopify Capital Store 1 Loan — $5,600 (repaid via sales, but sales are near zero)
∙ Shopify Capital Store 2 Loan — $1,800 (repaid via 10% of store sales)
∙ Chase Business Checking Account — negative $1,500 (charging off in \~4 days)
My Chase business account lost a dispute for 1.5k and has been negative since. I have not been able to fund it and it is about to reach 60 days in which they told me it will be charged off.
I am completely dead inside and truly do not see any way out of this mess. Would my family be responsible for this debt if I were to be deceased?
Is bankruptcy the right move, or are there other options?
Will filing bankruptcy permanently damage my relationship with Chase and other banks?
My lease is about to end for my apartment and I am also screwed for finding anywhere new with this credit score.
I just opened a Mercury bank account and set that up in Shopify for now.
Please be kind as I’m doing my best to find a way forward, I am in an awful mental spot currently.
I just turned 30 years old, and unfortunately I failed at trying to get these online businesses to bounce back.
Is this the end?
Thank you in advance.