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Freeper needs advice
03 23 2006 | Cap'n Crunch

Posted on 03/23/2006 4:16:44 PM PST by Cap'n Crunch

You load 16 tons and what do you get? Another day older and deeper in debt. St. Peter don't ya call me 'cause I can't go, I owe my soul to the company store.

Oh! The clotes need washin' and the fire won't start. Kids all cryin' and your breakin' my heart.

Whole darn place is fallin' apart. Maybe things'll get a little better in the mornin' maybe things'll bet a little better

Work your fingers to the bone and whaddy ya get? Boney fingers, boney fingers

They're closin' down the textile mill across the railroad tracks, foreman says these jobs are goin' boys and they ain't comin' back, to your hometown.


TOPICS: Your Opinion/Questions
KEYWORDS: bankruptcychapter7
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To: P-40

I guess it's going to be both, my business is tied in with my personal. We're an "Inc." but I had to guarantee the loan with my house.

There's a sucker born every minute.


61 posted on 03/23/2006 4:59:45 PM PST by Cap'n Crunch
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To: Cap'n Crunch

If you own the store, close the pizza shop and lease it to one of the following, or something similar:

--pawn shop
--tatoo parlor
--biker bar

After a year or so, try and sell them the property, or sell it to them in a contract for deed type situation.

If you owe debts related to the Pizza shop, negotiate with creditors. Tell them you are closing down, the equipment is their's back, etc., and that if they don't accept a percentage of what they are owed, they will have to file proof of claims with the bankruptcy court.

As far as your own employment, you'll just have to find something else to do -- there or some place else. If the rent on the property covers the mortgage, you are OK there. If not, let them foreclose. Just make sure you don't end up with a deficiency judgment (meaning you owed more than the property was worth).

I hate to tell you, but if you had sought legal advice prior to going into business, you'd be much better off now. No, you can't do much about your business base leaving town, but you could have incorporated. There, you close down, let the mortgage company know where the keys are, and leave. I know that in many situations, businesses like that still have owner's personal guarantees on that, but you'd still be better off with a few of those "dings" on your credit report than full blown bankruptcy.

Good luck.


62 posted on 03/23/2006 5:00:16 PM PST by 1L
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To: Cap'n Crunch

Oh man. You squeezed between Congress and a hard place. Is you incorporated?


63 posted on 03/23/2006 5:00:27 PM PST by The Red Zone
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To: Cap'n Crunch

How about turning your business into a bailbond company.

Apply for all the contests that offer home/business make overs.

Bring the wife and or family down to work at the office and instead of being the "DOG" you would be the "CRUNCH".

Since you have exp. with the court/justice system.


64 posted on 03/23/2006 5:03:12 PM PST by Global2010 (Pray the Rosary)
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To: Squantos

LOL...now that you mention it, that's one of the things my lawyer said, go to the bean counter and tell them to lower the interest rate...

The State still has their conspiracy against me hitting the lotto, I think Bob Taft is dipping into the funds somehow.

I still got my seabag, and it's starting to look better all the time.


65 posted on 03/23/2006 5:03:36 PM PST by Cap'n Crunch
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To: Cap'n Crunch

I'm praying for you. Maybe later you can get a job with the Gov. They are the only ones will have money to pay you. And money for retirement. God bless you and your loved ones and good luck.


66 posted on 03/23/2006 5:04:02 PM PST by Dubya (Jesus saith unto him, I am the way, the truth, and the life: no man cometh unto the Father,but by me)
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To: Larry Lucido

He says he can get me into a 7. But I really don't know what that means.

In fact, I'd have to politely request of you to please put that last one in "Bankruptcy for dummies" terminology...

I have adult ADD... hahaha


67 posted on 03/23/2006 5:06:58 PM PST by Cap'n Crunch
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To: Cap'n Crunch

If you're willing to walk away from the house, and if your attorney says you qualify income-wise for Chapter 7, then that is the way to go. Also, in the rare case that you can sell the house for a profit, or if it's sold at auction for more than the mortgage amount, you get to keep almost $40,000 of excess under the federal exemptions before any unsecured creditors get any of it.

I had one Chapter 7 client walk away from a $120,000 house saddled by a $115,000 mortgage. It was sold at auction for $55,000. Michigan allows a 6 month redemption period. A "guardian angel" aunt bought the house back for them for $55,000 and I did a lease-buyback agreement for them for $65,000. But you've already indicated that you aren't interested in the location, so this will be your ticket out.

You've got FReepmail with my phone number.


68 posted on 03/23/2006 5:07:17 PM PST by Larry Lucido
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To: Yaelle

My friends all drive Porsche's I must make ammends..

Here's to you...


69 posted on 03/23/2006 5:08:19 PM PST by Cap'n Crunch
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To: Rakkasan1

Ah, The Hag... I'll raise my beer to that...


70 posted on 03/23/2006 5:09:46 PM PST by Cap'n Crunch
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To: Cap'n Crunch

I'll yank their chain again right NOW ~!

Get ya a few numbers.......hate to send anyone to that hell hole but the duckets are many so let me remind em they owe me some POC's for ya !

Stay safe .....(keep reminding me please, don't want to drop the ball and leave ya hangin)


71 posted on 03/23/2006 5:09:50 PM PST by Squantos (Be polite. Be professional. But, have a plan to kill everyone you meet. )
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To: Cap'n Crunch
You have Crime?

Have you thought about Bail Bonding?

DOG is about a functioning illiterate and he makes Millions.

If you don't like your neighbors, move.

TT
72 posted on 03/23/2006 5:12:16 PM PST by TexasTransplant (NEMO ME IMPUNE LACESSET)
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To: ladyinred

Part of me wants to throw in the towel and part of my wants to keep going to the bitter end. I don't want to go bankrupt but if this town doesn't turn around soon I may have to.

I'm not afraid of it, I just don't know how it will affect my family. Still got 3 kids at home.


73 posted on 03/23/2006 5:15:27 PM PST by Cap'n Crunch
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To: Squantos
The Captain has FReepmail

Hope I can help.

74 posted on 03/23/2006 5:23:42 PM PST by elkfersupper
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To: Cap'n Crunch

Beats me......I dunno.


75 posted on 03/23/2006 5:27:57 PM PST by Travis McGee (--- www.EnemiesForeignAndDomestic.com ---)
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To: WestVirginiaRebel

Well, I was thinking about a Texas Hold 'em in the back room, heck half of the businesses downtown do it, guess cigarettes would do well.


76 posted on 03/23/2006 5:36:34 PM PST by Cap'n Crunch
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To: operation clinton cleanup

Well, I can't post the whole menu but one of my specialty pizza's that goes pretty well is the 4 sausage, Italian, Chorizo, Hot Italian & Andouille.

We have a chain pizza shop not far from here, "Pizza Pan," buy one and get one free if they deliver it, buy one get two free if you pick it up. Looks like they just spread the toppings that should go on one pizza to three.

My pizzas are so fat I can hardly close the box.


77 posted on 03/23/2006 5:40:26 PM PST by Cap'n Crunch
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To: airborne

That's good, maybe he'll be taking care of you one of these days. Dad needs a boat.. hahaha


78 posted on 03/23/2006 5:42:20 PM PST by Cap'n Crunch
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To: Cap'n Crunch

If you truly know you are not going to make it start taking cash. Only put enough in the bank to pay the employees. The day you talk to your attorney don't pay another bill. Get all the cash possible. The day they close the joint have another place to move where the prospects are better. You are self employed. It will be hard to get a job or unemployment. Your one obligation now is to yourself and family. Don't make any others.


79 posted on 03/23/2006 5:43:37 PM PST by jec41 (Screaming Eagle)
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To: Hildy

We've got alot of those in the city, must be something to it. Alot of dollar stores and used car lots too.

Hmmmm...


80 posted on 03/23/2006 5:43:45 PM PST by Cap'n Crunch
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