“I’m only 29 years old, but I purchased a car with a high-interest rate and am now behind in my payments and may have to declare bankruptcy. I finally settled down in Georgia after moving from one state to another trying to find the right career. I’ve started an entrepreneurial venture in PR and am anticipating a big deal to come in this summer, but I need some advice in the meantime.”
Please avoid declaring bankruptcy at all costs. Bankruptcy is one of those things that follows you, and poor credit is only the tip of the iceberg. No matter how legitimate your rationale, it won't look good to a prospective employer or anyone who is considering doing business with you.
You mentioned that you are in the process of launching your own business, but I would backburner this for the time being. Without a capital infusion from an outside source, a new business is likely to drain your financial reserves even further. The big deal you anticipate may come to fruition, but it may also fall through. In my opinion, your current situation is simply too precarious for a risk like this.
Instead, focus your energy on getting a job that pays your bills. Do not be picky as your goal here should be stability. Besides, you’d be surprised how much you can learn at even the most menial jobs. A fast food cashier, for instance, gets solid experience with critical transferable skills including client relations, time management, finance and sales.
On the side, you can pursue your PR business and assess its profitability over time. I don’t recommend leaving town again as I find most small business owners earn the majority of their income through referrals in their local communities.
You should also save money any way you can. This may involve selling the car if other modes of transportation are less expensive, trading your daily Starbucks for coffee at home or work and cutting back on other non-essential expenses. Look at it as achieving fiscal responsibility, which will come in handy no matter what future career or lifestyle you decide to pursue.