My first suggestion to you would be to sell the motel. It sounds like this property is an albatross that is plunging you further into debt with each passing year. If you have any equity in the property, and make money on the sale, you can use the funds to pay down your credit cards.
Unfortunately, I fear you will be unable to find a buyer willing to pay the appraised value of the property due to the lack of business. Even if you must take a slight loss on the property, you may be better off selling it, as you are losing money operating it.
Once you have sold the motel, you can turn your attention to resolving your other debt. Given the amount of your debt and your income, you may be eligible to file Chapter 7 bankruptcy. I believe that both your SBA loan and your credit card debt would be dischargeable in Chapter 7 bankruptcy, however you should consult with an experienced bankruptcy attorney in your area to discuss the pros and cons of filing bankruptcy in your case. Due to the amount of debt you have and your income level, I doubt that you would be able afford bankruptcy alternatives such as debt settlement or credit counseling. Regardless of what you decide to do, don?t lose hope. There is almost always someone who can help you solve your financial problems, regardless of how bad they may seem.
If you want a third party debt help firm to advise and represent you, there are several out there, here is a list that I know of:
Alternatively, Bills.com makes it easy for you to apply with our approved debt help providers, by following this link:
I hope that his helps you make the right decision for your particular situation.
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