When the family of a small business owner in Connecticut wants to sell their business, the owner needs to call their bank to secure a loan.
But that’s not what’s happening in the state.
The family of the family that runs the business that lost $2 million in the Great Recession owes about $100,000.
And the family doesn’t have enough money to pay the mortgage on their house.
If they can’t pay off the mortgage, the family is in danger of losing their home, according to a story in the Hartford Courant that details the financial situation of the small business.
The article also describes how one of the owners was forced to take his business out of business after his credit rating was downgraded to junk status.
When the family’s financial woes got to the point that they had to go to bankruptcy court to obtain the loan, the judge ruled that they couldn’t get the money they needed because of the high interest rate on the loan.
That’s because of a loophole in the bankruptcy code that allows banks to charge a 10% fee for each loan, even if the loan is paid off within a certain time.
In this case, the bank would charge the family $2,000 per month.
The bank would then have to pay them $6,000 each month.
The family would be left with $12,000 in debt.
And that debt is the only thing keeping the family from selling their business.
When they asked for help from the Connecticut Bankers Association, they were told that they would need to pay a fee of $300.
So the bank wouldn’t be able to get the loan for them.
So instead, the banks have been taking a $400 fee.
The families lawyers also filed a class action lawsuit against the banks.
The lawsuit is currently in federal court in Hartford, Connecticut.
The story also mentions that some small business owners have also had to stop selling their businesses to avoid foreclosure.
The Hartford Courand other outlets report that the number of businesses that have shut down is increasing.
But there is a silver lining in this story.
In a recent report, the American Bankers Assn.
warned that bankruptcy is becoming more prevalent, even as other states are still seeing more small business success stories.
The association said that in some states, there is no need to file for bankruptcy for businesses to close.