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.
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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
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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.
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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….
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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?
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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.
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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.
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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.
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