Don't Consider Business Debt Management Until You've Read This!

I've got some personal debts, however I have had healthy business profits this year and want to use those to pay them off, how do I organize this, what would I put on the accounting, and would it have to be paid back in the future?

I am going to be kicking off with a new business and I've managed to get a 9.5% apr loan with no prepay penalty. I can use this money how I like, however would it be legal for me to use this to pay off a personal debt at a higher rate?

Let's say I have a credit card with a $20,000 balance with Wachovia. Wachovia goes out of business–not a buyout, but just closes. Would my debt with them be erased?

He loans money to people who OWN a house or piece of land in MEXICO who are financially cash strapped. He was explaining to me that he loans them the money up to 35% interest and usually loans them more than he believes they could pay back with a secure lien on the land title, but less than the property is worth (So he can extract his profit) The home/land owners are uaully unable to repay the debt and he forecloses and takes the house, resells it on the market and makes a tidy profit. There is some remodeling involved because most of the homes are in terrible condition.. He calls it "Flip that house" He has shown me the books he keeps and he is making over $100K ONLY on this business alone!! He wants me to help remodel and prepare the home and deal with the locals there since I speak spanish fluently. He has also come up with another idea for loaning money on Credit Cards (CC) the interest would be high as well on them..Any input on this? Is it a good way to make a quick buck?

I am planning on filing bankruptcy but it is held up for 70 days due to a cash advance on my credit card. The judgement is from a business debt, my sister already filed as she had more in her name. Can I open another bank account or put another persons name on it with me?

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.

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.

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.

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