[robertdempsey]

There is quite a bit of good advice here. I too was in a similar situation a number of years ago when my (as in I owned it) company was taken out by the post 911 meltdown. I closed out with more debt than you.

My suggestions (as someone who is not an attorney or a CPA) are:

1. Talk with the hosting company to get out of the contract. 2. Call all of your creditors, and tell them your situation. Ask them to help you and see if you can work out a payment plan. My creditors were surprisingly willing to help. 3. Get a full time job, work hard, and pay off your debt. 4. Keep your products on simmer until the time is again right. If you built a company once, you can do it again.

Being in debt sucks, and it took a number of years for me to get out of it; however, declaring bankruptcy will ruin your credit and be on your record for years to come. If you have that on your credit record, then creditors will stay away from you for years to come.

The economy is taking out companies left and right. Small and large alike. Just remember that nothing is insurmountable. Keep up your spirits, and keep moving forward. There is only one direction to move, ahead.