Business Debt Management Info

bad credit & medical debt won't allow us a loan for a business we're already making money at.need help?

leggy — Sat, 28 Aug 2010 16:11:53 +0000

LiHain2 asked:

my (new) husband and I are both trying to recover from divorces where we got taken to the cleaners. I have a ton of debt on my credit rating that my Ex is slowly paying off, medical debt that is in MY name because I WAS the one who took my daughter to all the doctors…she has 5 diseases and i have her on medicaid now, which helps. My husband is a trucker and i see him only a couple days a month until i can afford to move to CA to be where he drops every week…he's got a great 'dedicated run' now which guarentees good miles, after being with a large company for 3 years and made it to an elite team of drivers…but his lease is up in feb…and we can't go to the bank for money, we're living week to week and have struggled with pulling our heads above water so i am looking for a way to get a) SOME money for a downpayment on a truck and b) for a move hopefully.

there are no grants for such things…at least not what i've seen from the governement and there is no family to call upon also. His father is dying now in another state and finances have been short so that my husband could take time off to get him into hospice but his father is leaving nothing also, just enough for buriel, so at least we won't have to add that to our current mound of medical debt.

we're praying but a few places to research would help. ! thanks for whatever help you can be!

Legal/Acctg, Can debt collectors come after bsns assets in an LLC, taxed as a ptnrship?

leggy — Mon, 23 Aug 2010 21:32:54 +0000

Chris asked:

If two partners, set up as an LLC, with the state of GA and federal govt's. Then they go ahead and file a partnership tax return, to be 50/50 equal partnership. Would one of the partners previous debt collectors, be able to come after the business assets.

true life story here.

Person is worried his partner will be suseptable to losing her, capital that she put into the business. Is this the case? ? ?

The real problem the US has is debt, so why are we increasing it and creating massive inflation all at once?

leggy — Wed, 18 Aug 2010 03:19:53 +0000

interdependent globalized world asked:

It's kind of funny if it weren't so sad. The "experts" are giving all the wrong answers and in fact making the problem even worse for the coming future.

Everything you see in the market and for all the businesses is a symptom of the debt problem.

Americans are out of cash, that means the GDP will spike downwards, people will lose their jobs. We don't have a manufacturing base in the country anymore. The US won't and shouldn't be the greatest country in the world after how it has acted and behaved.
The government is bankrupt as well.

Which type of business arrangement would be best for them?

leggy — Sat, 14 Aug 2010 00:30:09 +0000

AnnaR asked:

Mrs. Carroll and her sister, Mrs. Howard, plan to operate a small day care center in a remodeled building. They're licensed and staffed to handle up to 24 children. Ms. Howard doesn't plan to work at the center and hasn't incurred as many debts or responsibilities as Mrs. Carroll. She originally invested $8,000 in the business and Mrs. Carroll invested $24,000. Mrs. Carroll and her sister want to keep their taxes low and keep Ms. Howard's liability to the amount of her original investment. Which type of business would be best for them?
A. Sole Propietorship
B. General Proprietorship
C. Limited partnership
D. Corporation

More on Which type of business arrangement would be best for them?

I have a business that is failing. Do I foreclose? Do I file BK?

leggy — Wed, 04 Aug 2010 08:34:40 +0000

dbo asked:

I have a business with a very high debt structure, and we do not have enough cash to pay the bills. I have had no luck selling the business. We (my partners) mortgaged homes in order to finance the purchase of the business. The seller also gave us a deed of trust. In order to relieve some of the debt, we have placed our homes up for sale, but the real estate market is in the tank and we can't sell the homes. We have sent a letter to the seller asking for a 66% reduction in the loan balance, but no response. We have stopped making payments on the seller's note, and have been threatened with foreclosure. This is a complex situation. Thank you to anyone who has suggestions to help.

More on I have a business that is failing. Do I foreclose? Do I file BK?

Can I liquidate assets I have in my business & then file bankruptcy?

leggy — Fri, 30 Jul 2010 01:18:57 +0000

Confused asked:

Can I liquidate the assets I have inside my business to pay off other debts that I have to recoup the money I have lost and then file bankruptcy on the rest of the loan? And if the contents of the business was part of the colleteral for the loan then I assume I probably can't do this….

More on Can I liquidate assets I have in my business & then file bankruptcy?

If a credit card company went under will anyone have to pay back the debt?

leggy — Wed, 14 Jul 2010 02:12:37 +0000

g r asked:

lets say a credit card company filed for bankruptcy or some other serious problem where they went under. Will borrowers or the credit card holders have to pay back the current debt on their credit cards? because if they go under, their business is technically closed from obligations and will the borrowers not have to pay back?

More on If a credit card company went under will anyone have to pay back the debt?

By law how long does a Collection Department have to get back to you with proof of debt?

leggy — Sun, 04 Jul 2010 00:57:13 +0000

INTERNET **** MACHINE 2.0 asked:

I am challenging a debt that I do believe isn't mine. I know I have to write them certified mail to challenge the debt but I wish to include a time line for them that they have to respond back to me before it is consider voided.

I know by law there is some time line they have but I can't remember how long it is.

I believe it is ten business days but not sure can someone please validate this for me.

thanks to all who answer

Has personal debt outweighed terrorism as the number one priority in your life/concern?

leggy — Fri, 02 Jul 2010 12:43:19 +0000

marnefirstinfantry asked:

Debt, Not Terrorism, Top Economic Risk
By DAN SEYMOUR,AP
Posted: 2007-08-27 10:55:23
NEW YORK (Aug. 27) – Bad credit has supplanted terrorism as the gravest immediate risk threatening the economy, a key national research group reported Monday.

Borrowers' withering ability to pay their bills and the subsequent fallout in the credit markets this summer topped the list of short-term risks on peoples' minds, according to a survey of 258 members conducted by the National Association of Business Economics.

NABE, a Washington-based association, said 32 percent of its surveyed members cited loan defaults and excessive debt as their biggest near-term concern.

Only 20 percent of members cited defense and terrorism as their biggest immediate worry, down from 35 percent when the survey was last conducted in March. Credit risk also topped gas prices, inflation and government spending.

My husband and I are 20,000 in credit card debt. We used to make great money together -?

leggy — Thu, 24 Jun 2010 10:58:48 +0000

gina m asked:

but his business has slowed (He already works 70 hrs week). My question is how can we get out of debt before our credit gets ruined? We are -1,000.00 per month bringing in the cash. I am trying to find an extra job but already do real estate on the side which has been slow. Please someone help. Every month, something isn't getting paid. We tried trading in our cars for cheaper payments but owe too much.
Thanks for your help.

More on My husband and I are 20,000 in credit card debt. We used to make great money together -?