Closing Bank Accounts

I closed my consulting business and took a full-time job in March. Well, "closed" is kind of overstating the case. I emailed my past clients and then shut the door on my home office.

The problem: an outstanding business loan and loaded up credit card. I was a DBA or "doing business as" organization--no incorporation, no limited liability. So I am liable for the business debt personally. And that's OK, because I believe if I borrowed it, I should pay it back.

Only, there is no income to pay off that debt, so it has to come from current earnings.

So today I (figuratively) opened the office door and decided to close my business bank accounts. I had two: one for taxes and one for operations. Seemed like a good idea at the time--I'd sweep money into the tax account when I got a check from a client so that I could afford to pay my quarterly estimated tax payments. Except, I kept dipping into the tax account for operational expenses. My bad.

To do:
Close tax account. Check.
Close operations account. Not so fast.

You see it's linked to the business loan, which is, um, not current.

So Monday, it's on the phone to the business loan people to see if we can work something out.