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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: Cap'n Crunch

All I can offer is sympathy and encouragement. I had a business that failed, more from my errors than external circumstances. It didn't kill me, and I built up a new life that is better than what would have been if I'd succeeded.


51 posted on 03/23/2006 4:49:23 PM PST by Tijeras_Slim
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To: pageonetoo; Cap'n Crunch
The people you owe will be happy to bargain for a settlement. You may get a 50% discount on your balance owed, with a full forgiveness of the rest.

Absolutely true.

Everybody wins.

Including the IRS, at your expense. Debt forgiveness outside of the bankruptcy code is taxable as income. But we all know that pageonetoo ADORES the IRS, so it's okay. :-)

Stay away from lawyers. They take a cut, and nobody wins but them!

Stay away from people who tell you not to see a lawyer. See above.

52 posted on 03/23/2006 4:51:16 PM PST by Larry Lucido
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To: billhilly

Ford Motor Company closed it's doors in December. That was a major blow. Marconi is so thin now in this city they may as well be closed, and they were a big employer. A few of our other businesses moved out of town.

There was hope of casinos right down the street but I heard on the radio today that Big Brother Cleveland is trying to keep it all for themselves, shutting us out.

We've got a great lake front, knee deep in Section 8 housing. A real Democrat Utopia...


53 posted on 03/23/2006 4:51:27 PM PST by Cap'n Crunch
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To: Cap'n Crunch

LOL, ND... it almost makes me think most of our political leaders are ND at times. I take it back, he has more on the ball. Sorry about that ND. My mistake.


54 posted on 03/23/2006 4:51:32 PM PST by DoughtyOne (If you don't want to be lumped in with those who commit violence in your name, take steps to end it.)
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To: pageonetoo; Cap'n Crunch

BTW, 40 to 50% debt settlement is usually accepted on aged debts (3 to 4 years old). Fresh debt is usually settled at 70 to 80%. And as I stated before, the ENTIRE forgiven amount is reported on a 1099 as taxable income.


55 posted on 03/23/2006 4:54:00 PM PST by Larry Lucido
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To: Squantos; Cap'n Crunch; sit-rep
Hmmmmmm.....register as a democrat, tell em yer 1/3'd Apache on your daddy's side, 1/4th mixed minority on yer crazy aunts side (the one no one speaks of at reunions) and in touch with your feminin side and can't let go.....

I've tried that with several clients. The judge is starting to get suspicious.

56 posted on 03/23/2006 4:56:05 PM PST by Larry Lucido
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To: Larry Lucido

Thanks. Yes, we're incorporated but if I go under I'm liable for the debt.

I've met with an attorney twice already, he says he can get me in a chapter 7. He's out of town for a few weeks but from what he's telling me I'll either lose my house or have to re-buy it after they take it.

The way this city is I don't want it back, I just want to get on down the road. I'm about 3 to 5 years away from retirement. 3 for the minimum retirement.

Thanks for the insight.


57 posted on 03/23/2006 4:56:34 PM PST by Cap'n Crunch
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To: Finny

For the good captain....

Having had a few burshes with hard times, I concur with FReeper keithtoo. It is sometimes impossible to hold back the change of the tide.

Responding to Finny, I recently had the opportuntiy to wittness the loading of a 40' container of mayonnaise for my client. A young man loading was joshing me about my cushy job and I asked him if he was lamenting like Tennessee Earnie Ford? He looked at me like I was crazy...... he was black and hip, but it was Knoxville, I thought he knew.

I had to explain in detail about loading 16 tons and deeper in debt etc. Until I explained that he had done better, loading 20 tons with his buddy he didn't understand the magnitude of his accomplishment. Two trailer loads was 20 tons apiece handled manually that day.

The wisdom of the song is lost to the current generation.


58 posted on 03/23/2006 4:57:03 PM PST by bert (K.E. N.P. Slay Pinch)
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To: pollyannaish

Amen


59 posted on 03/23/2006 4:57:17 PM PST by Cap'n Crunch
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To: SerpentDove

Nobody does it like B.B. King...


60 posted on 03/23/2006 4:58:33 PM PST by Cap'n Crunch
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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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To: ElkGroveDan

hahahaha.. I think their all busy running convenience stores. I didn't know our government gives them all real nice low interest loans.


81 posted on 03/23/2006 5:45:50 PM PST by Cap'n Crunch
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To: Cap'n Crunch

I feel your pain-just went through a bad divorce-long story.

Check out Dave Ramsey-he has some decent and realistic ideas on this type of thing.

I don't advocate all his solutions, but figure information may be your most important resource right now


82 posted on 03/23/2006 5:47:35 PM PST by 5Madman2 (There is no such thing as an experienced suicide bomber)
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To: Cap'n Crunch

Call Bill Manchee in Dallas....He will give you some good advice...


83 posted on 03/23/2006 5:49:30 PM PST by B.O. Plenty (Islam, liberalism and abortions are terminal..)
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To: Cap'n Crunch

Nobody with the slightest education in music would dispute that. Today's music is pure crap. I can play two instruments, have five semesters of music theory, played in a band, studied audio engineering, and worked as a studio hand for big-label musicians, so I'm not talking from ignorance here.


84 posted on 03/23/2006 5:49:53 PM PST by thoughtomator (Symmetry Inspector #7)
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To: Cap'n Crunch

Have you considered relocating to Omaha? We are in dire need of a great pizza place; heck we'd settle for a decent pizza place!


85 posted on 03/23/2006 5:50:04 PM PST by Vor Lady (Mal, "Remember, we just want to scare him." Jayne, "Pain is scary!")
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To: Tijeras_Slim

Thanks. I wasn't a business man, and I'm still not. Was just willing to work hard to put my kids through school. I'm sure something good will come out of this.

Glad things turned out well for you.


86 posted on 03/23/2006 5:50:11 PM PST by Cap'n Crunch
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To: Cap'n Crunch

I hear you, but where are you? It is obvious that you are in the Northeast part of Ohio, but where? A large part of my family lives there and they have for over 75 years. They are pretty much established.


87 posted on 03/23/2006 5:54:20 PM PST by billhilly (The Democrat symbol is no longer the donkey, it's a strait Jacket.)
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To: Cap'n Crunch
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.

Oh man! I wish I could get one of those! I know what you mean about the 2 fer 1... with 1/2 the toppings on each...


88 posted on 03/23/2006 6:01:38 PM PST by operation clinton cleanup
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To: Cap'n Crunch
My pizzas are so fat I can hardly close the box.

My lord man, come to Oklahoma and open a place, I will personally keep you in business....I haven't had a good pizza in 5 years...and that includes the specialty places in Fort Worth.....I've given up.

89 posted on 03/23/2006 6:05:51 PM PST by Decepticon (The sheep pretend the wolf will never come, but the sheepdog lives for that day (NRA)
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To: Larry Lucido

bttt...


90 posted on 03/23/2006 6:07:14 PM PST by sit-rep (If you acquire, hit it again to verify...)
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To: Cap'n Crunch; Larry Lucido
I was in the Biz for twenty, my moonlight was construction.
Had to carry a couple of spec houses when interest climbed, so I know lean times.
Long term; ya gotta listen to the lawyers, 'spensive as they are. They are feeling their way through this new BK law too, so your going to be paying for some fancy research. May I suggest you start documenting your aches and pains?
Disability retirements are not subject to garnishment?
Better axe a lawyer. Good luck!!!!!!!!!
91 posted on 03/23/2006 6:09:36 PM PST by investigateworld (Abortion stops a beating heart)
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To: Cap'n Crunch

I'm sorry to hear about your difficulty. I've liked your work here on FR. It's sad that decent people get hurt b/c jerks and creeps "take advantage" of things set up to help/protect people whose difficulty is no fault of their own...


92 posted on 03/23/2006 6:12:29 PM PST by 185JHP ( "The thing thou purposest shall come to pass: And over all thy ways the light shall shine.")
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To: Cap'n Crunch
I reread my earlier post, it seemed coarse and harsh, you mentioned that Crime was the only thing in your area that was on the upswing, that is why I recommended Bail Bonds (Got Lemons = Lemonade) but only if you want to stay, I don't know how old you are but chances are your neighborhood will not swing the other way inside of 20 to 30 years (if it does at all), If the same incentives (ie Welfare) continue to Reward the type of behavior that caused your neighborhood to go south or if it looks like it will continue (if a new Govt housing project or no down Govt loans etc etc), I wouldn't look back, take the hickey and rack-em up again, start over, if you are under 50 and in fair health chances are you will live longer than if you stayed.

(Life shouldn't be as stressful as you described)

I did it and although macaroni & cheese may still grace the evening table, it beats the hell out of where we came from.

Texas is BOOMING!

TT

ps As a side note, when neighborhoods go south because of the Government, take note of who buys up the real estate for their children, LBJ was a master at directing Ladybird which property she should purchase, and LBJ created the Welfare State.
93 posted on 03/23/2006 6:16:39 PM PST by TexasTransplant (NEMO ME IMPUNE LACESSET)
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To: Cap'n Crunch

Could you transform to the frozen pizza format? There are far too few decent frozen pizzas.


94 posted on 03/23/2006 6:16:55 PM PST by drlevy88
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To: All

I'd like to thank everybody for your help and kind words, a bit more than I expected. Didn't think this thread would last long.

Guess I should have known better, FReepers are the folks who make this country work.

I have to run for a bit, might not be back the rest of the evening.

Thanks again to everybody, I'll catch up later...


95 posted on 03/23/2006 6:22:14 PM PST by Cap'n Crunch
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To: drlevy88
Could you transform to the frozen pizza format? There are far too few decent frozen pizzas.

What an idea! EMail order frozen pizza. Heck, if you can get rib-eyes from Omaha why not king h@ll pizza from Ohio?

96 posted on 03/23/2006 6:25:40 PM PST by Decepticon (The sheep pretend the wolf will never come, but the sheepdog lives for that day (NRA)
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To: Larry Lucido

Post# 26 Gave the best advise you are likely going to get on a forum. "The long and short of it is, see an Ohio attorney and get a consultation. That is often free, but even if you have to pay a couple hundred its worth it to get a complete evaluation of your options."



97 posted on 03/23/2006 6:26:44 PM PST by Gator113
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To: Cap'n Crunch
Can you turn part or all of your business into prepared but not cooked pizza to go?

In California that means you can accept food stamps.Might be the same in Ohio.The pizza places here that do this, kick ass because of this ability.

98 posted on 03/23/2006 6:32:25 PM PST by builder (I don't want a piece of someone else's pie)
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To: drlevy88

Heck, I should have known, this is America after all.....


http://www.shakespeares.com/MailOrder/How%20Mail%20Order%20Works.asp


99 posted on 03/23/2006 6:54:55 PM PST by Decepticon (The sheep pretend the wolf will never come, but the sheepdog lives for that day (NRA)
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To: ElkGroveDan
Open a liquor store.

Good idea.

You're to smart to be living in California..........
100 posted on 03/23/2006 7:25:19 PM PST by festus (The constitution may be flawed but its a whole lot better than what we have now.)
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