Okay group, I am looking for some advice.
I am a one man show building a house for a client. This is my first home that i have stick built since being on my own. I bid the house out for the client. So it was a set price. Around here most of the builders bid their work, not a cost plus bid. So i bid it that way. Well that is where i went wrong. So now i am close to finishing the home, but i am short on money to pay everyone that needs paid. So here is were you all come in. How do you finish a home and pay everyone when there is not enough money to pay the subs and some materials? I am thinking about filing for bankruptcy, but i don't want to hurt my clients or the subs. Most of them are friends of mine. I really don't want to file, i have been trying to work with the bank, but i don't have enough credit to even try to get a loan to pay the subs and finish the home. Do you have any ideas or suggestions?
I am a one man show building a house for a client. This is my first home that i have stick built since being on my own. I bid the house out for the client. So it was a set price. Around here most of the builders bid their work, not a cost plus bid. So i bid it that way. Well that is where i went wrong. So now i am close to finishing the home, but i am short on money to pay everyone that needs paid. So here is were you all come in. How do you finish a home and pay everyone when there is not enough money to pay the subs and some materials? I am thinking about filing for bankruptcy, but i don't want to hurt my clients or the subs. Most of them are friends of mine. I really don't want to file, i have been trying to work with the bank, but i don't have enough credit to even try to get a loan to pay the subs and finish the home. Do you have any ideas or suggestions?