Hi, I am sorry to hear that you are in this what must feel like an impossible situation and it is possible that the bankruptcy option may end up being your only choice.

However i would urge you to get some profesional advice from an independant financial advisor and i don't know what other advice place's you have there but the thing is to get as much advice as possible, always keep in contact with the people you owe money to
and keep records of all contact made.

Is it possible to offer them a payment plan/extend the terms of your loan,or ask them if they will give you a payment holiday for a month or so while you re-structure the business.

It may sound obvious but what can be done to get more busines in through the door, can you get family or friends to help you with some kind of promotion.

Is it possible to bolt together some kind of discount deal for a short time that your customers can't refuse?

Get on the phone and try and build some links with local government agents or other business's in your area or even out of your area,anything really but just keep talking to people as many as you can!!

I wish i could give you a secret code that would sort it all out for you, i know how hard it can be , but you were brave enough to start this business and if you are a true entrepreneur which i hope you are,you wil get things back on track or you will pull the plug and start again!!

All the very best of luck to my friend , however hard it is now it will all work out in the end.

Best Regards
Jonathan
uk