Ohio-Columbus

Cancel Wedding, Broke the Contract :( Help

We had to cancel the wedding because our grandparents got sick, my fiance' got laid off, and we thought we was going to be able to afford it, our budget was 25k, but we cancel the venue at 8 days after the cut off, and now they are requesting us to pay them 5k, they already got our 1k deposit. I really do not want to pay someone 5k and we don't use the venue at all. Will they really sue us is my question. I tried other options like get  a loan, and have it on another day like friday or sunday, and that is still 8k that we do not have. Let me know what you think. They said 4 payments of $1400, we dont have that either :(.
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