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all the debt I have is due to the business shut down but some are business cards and some are personal. Do I have to pay the business card debt and how can I reduce the payment on my cards?

The way to reduce your payment balances is through a debt settlement process or by filing bankruptcy. As you mention, you have business related credit card debts as well as personal credit card debts. Most settlement companies cannot do both business debt and personal debt. You would need to find a company that specifically handles business related debts.

Having said that, there is no easy answer to your question but here are some thoughts…

Your business debt – How you handle this really depends on many factors which require you to sit down with an accountant or better yet, a lawyer, to review. However, I will tell you some of the considerations that need to be reviewed.

1. What state you are in and the laws for that state?
2. What type of business entity did you form? S Corp? C Corp? LLC? Etc…
3. Did the business debt come with any personal guarantees?
4. Is any of the business debt owed to the same people as your personal debt?

So as you can see, you really need professional advice to determine what to do about your business debt based on the details of your situation.

Your personal debt – Setting aside the business debt for a moment and assuming that they can be handled seperately (a tall assumption), you can look into a debt settlement program or a debt management program.

Before you take any action, I strongly suggest you speak with an advisor in your area who can help you sort through all the questions that need to be answered to determine the best course of action for you.