shred Posted March 26, 2008 Share Posted March 26, 2008 So I understand it's bad form (and maybe illegal) to say "Hey, heads up, I'll be filing bankrupcy next week", but to go along like everything is perfect beforehand "no problem, I'll have a check tuesday", not even a 'hey, I might not be able to pay you next week like I said", until suddenly, "sorry, no $, you'll have to get in line"??? The worst is I've got people now I have to go back on my word to. I hate that. Link to comment Share on other sites More sharing options...
GeneralChang Posted March 26, 2008 Share Posted March 26, 2008 Yup bankruptcy sucks, sorry dude. Hope it all works out for ya Link to comment Share on other sites More sharing options...
SiG Lady Posted March 26, 2008 Share Posted March 26, 2008 Working for a bankruptcy atty as I do, you should SEE the stuff I see on paper....... Bankruptcies are up by an astonishing percentage nationwide with 2008 expected to be worse than 2007. My workload at the office has easily doubled since I arrived in early December. (I'm begging the boss for extra hours just to get the work done!) We just had one of the biggest building contractors in Eugene, Oregon go down to bankruptcy this month and the number of creditors holding the (empty) bag is mind-blowing... not to mention the trickle-down that's in progress with all the workers and employees being laid off due to disruption in cash flow and interrupted payment streams--and freaked out creditors with nowhere to turn exactly. It's really, really scary for all concerned, and scary for the community at large. We've got some really big construction projects under way and some have briefly stumbled, wondering how to keep it all moving forward. Meanwhile, at the office we've expanded our Chapter 7 legal services to include Chapter 13 filings. Clients are coming at us from all directions. It's all moving too fast. Link to comment Share on other sites More sharing options...
dand38s Posted March 26, 2008 Share Posted March 26, 2008 I think I heard on the radio the other day that most people are two paychecks away from going bankrupt. That is a scary thought, but I do not doubt that statistic either. Link to comment Share on other sites More sharing options...
JimmyZip Posted March 26, 2008 Share Posted March 26, 2008 Well I heard one the othe night dining with family and friends in the mortgage business. Some people who are near forclosure are BUYING houses that are forclosures so they can take advantage of the good rates and better prices. Then they are letting the more expensive house go into forclosure. that is what I call insane. Link to comment Share on other sites More sharing options...
SiG Lady Posted March 26, 2008 Share Posted March 26, 2008 "I think I heard on the radio the other day that most people are two paychecks away from going bankrupt." It's been that way for a long, long time. Link to comment Share on other sites More sharing options...
el pres Posted March 26, 2008 Share Posted March 26, 2008 Speaking of things you cant say, in 1870 something it was the Panic of 1870. That did not feel good so in 29 it was the Deppression. That could make some people feel bad and well, deppressed so in later years we called it a Recession. That may hurt some "feeeeelings" and some may even catch on so to be PC were now gonna call it an Economic Downturn or a cooooling of the Economy, get it!!! Best of luck Shred and your not alone !!! Link to comment Share on other sites More sharing options...
EricW Posted March 26, 2008 Share Posted March 26, 2008 Pretty sure this phenomenon cost me close to a C-note last week. Ordered software from a local computer store on Thursday. Drove past tuesday. Lights out. Everything gone. Never bothered to say jack about going out of business. So much for paying more and supporting the little guy... Link to comment Share on other sites More sharing options...
A-shot Posted March 26, 2008 Share Posted March 26, 2008 Supporting the little guy, LMFAO!! Looks like you were the only one....SUCKER!! After a certain point, we will only be able to blame ourselves. Link to comment Share on other sites More sharing options...
L9X25 Posted March 26, 2008 Share Posted March 26, 2008 Shred, I feel your pain. We had a long time commercial tenant that suddenly stopped paying. When they got 30 days behind we contacted them about the rent, and they downplayed the entire situation and said that it was merely a "computer glitch" that the home office computer stopped generating our check and he would have that fixed ASAP and catch us up. After a few more weeks had passed, with no payment we again notified him about the rent and received another computer glitch story. We received the bankruptcy notice 3 days later. It was obvious that they had know of the impending bankruptcy for months and lied to everyone about their financial situation. The bankruptcy I can handle, the outright lies from a longtime business relationship are disheartening. Link to comment Share on other sites More sharing options...
AlamoShooter Posted March 26, 2008 Share Posted March 26, 2008 (edited) Yes I have noticed that. But I figure it is human nature to be hopefull. The Old " Its Only A Fleshwound" kinda thing. I think too that they are hopeing somthing come through, like even a lottery ticket. I had a friend that was dieing and he talked about the next shoot like he would recover. Edited March 26, 2008 by AlamoShooter Link to comment Share on other sites More sharing options...
bountyhunter Posted March 26, 2008 Share Posted March 26, 2008 So I understand it's bad form (and maybe illegal) to say "Hey, heads up, I'll be filing bankrupcy next week", but to go along like everything is perfect beforehand "no problem, I'll have a check tuesday", not even a 'hey, I might not be able to pay you next week like I said", until suddenly, "sorry, no $, you'll have to get in line"??? The worst is I've got people now I have to go back on my word to. I hate that. The jerkwads who owned the National Shooting range I shot at used to sell these "gold cards" for $250 that let you shoot an hour for $4 instead of the usual $12 for a full year. I was shooting every week so it was a good deal..... They took my $250 and did not bother to mention they were closing up the next month. What dick heads.... Link to comment Share on other sites More sharing options...
SiG Lady Posted March 26, 2008 Share Posted March 26, 2008 A regional business college was located here in Eugene when I arrived in 1993 and it was timely for me to enroll, finish the courses (several months, full-time) and reap the benefits (I'm really glad I went, even tho this particular market is a hassle, the business school was a VERY good thing). Right after I graduated I was planning on attending more courtesy-to-all-graduates classes but the school suddenly CLOSED... and packed up and left in a matter of days!! Thank goodness I, myself, had completed the course and received the certificate and training, but there was some serious question about what the not-yet-graduated students would do. We never did find out. And I still felt a little cheated that I didn't get the post-graduate attendance privileges. From the You-Can't-Hide-Stuff-From-the-SiG-Lady department: About a week before we were told about the shutdown, I had a dream at night that I saw all the staff moving desks, tearing up the carpet, removing all the walls and partitions and generally moving the hell out. I had faith that this was a right-on premonition and took it seriously. lo-n-freakin-behold, it happened. Link to comment Share on other sites More sharing options...
Ted Murphy Posted March 27, 2008 Share Posted March 27, 2008 The jerkwads who owned the National Shooting range I shot at used to sell these "gold cards" for $250 that let you shoot an hour for $4 instead of the usual $12 for a full year. I was shooting every week so it was a good deal.....They took my $250 and did not bother to mention they were closing up the next month. What dick heads.... There was this club near me that sold memberships up to the day it closed and went bankrupt. A lot of people would like to see their money back. The town is pretty mad at this guy too. The merchants association pitched in and bought memberships for many of the town's cops just a few weeks before he went under. He took their money and never told them. Link to comment Share on other sites More sharing options...
waxman Posted March 27, 2008 Share Posted March 27, 2008 I thought the laws were supose to change concearning bankruptcy. I think I heard that you still had to pay a percentage of your debts if you file. Am I wrong?, or is it still a free second chance? Link to comment Share on other sites More sharing options...
EricW Posted March 27, 2008 Share Posted March 27, 2008 Called today. Lots of excuses. No software. Maybe I should start a poll on what item I should appropriate from them when I visit them in person. I think a MacPro 8-core is worth about $86 + my time and frustration. Link to comment Share on other sites More sharing options...
J-Ho Posted March 27, 2008 Share Posted March 27, 2008 Called today. Lots of excuses. No software.Maybe I should start a poll on what item I should appropriate from them when I visit them in person. I think a MacPro 8-core is worth about $86 + my time and frustration. Maybe you could just have them hold targets for the next match. Link to comment Share on other sites More sharing options...
SiG Lady Posted March 27, 2008 Share Posted March 27, 2008 "I thought the laws were supose to change concearning bankruptcy. I think I heard that you still had to pay a percentage of your debts if you file. Am I wrong?, or is it still a free second chance?"That depends, to some extent, on which CHAPTER of bankruptcy you file for. And the bankruptcy laws changed a lot in 2005 about which type of debt you could discharge and how much of it. You can only file every certain number of years, as well. Chapter 7 is used mostly by individuals who have consumer debt or medical debt, and much of it can be discharged and some of their possessions or property may need to be liquidated to pay creditors IF you have any valuable personal property. You can choose to 'reaffirm' any debt that you wish to keep (car, whatever). You cannot discharge Federal debts such as education loans and taxes owed. Ditto for child support and that sort of thing. The number and degree to which you can exempt certain possessions/properties differs from state to state. Each state has its own exemption tables. Again, the laws on Chapter 7 filings have tightened up considerably, so a Chapter 7 filing is no longer a quick way out of debt--it's a drastic move to discharge debt but you may lose a lot in the process. Chapter 7 should be an option of last resort. Chapter 13 is more of a structured debt repayment plan. This is a reasonable option for people who have reliable income and can see their way to paying off their debts within three to five years. Chapter 11 is intended for business bankruptcies and restructuring. It's more complex than bankruptcy proceedings for individuals. Businesses can continue to operate during a Chapter 11 filing, but under the supervision of the Bankrupcty Court or its appointees. Best suited for large corporations. Chapter 12 is for family farms or family maritime businesses. Chapter 12 is considered more streamlined (and less costly) than Chapter 11. Link to comment Share on other sites More sharing options...
dajarrel Posted March 27, 2008 Share Posted March 27, 2008 SG, thanks for that. I have always wondered what the different chapters meant. dj Link to comment Share on other sites More sharing options...
bountyhunter Posted March 27, 2008 Share Posted March 27, 2008 (edited) The jerkwads who owned the National Shooting range I shot at used to sell these "gold cards" for $250 that let you shoot an hour for $4 instead of the usual $12 for a full year. I was shooting every week so it was a good deal.....They took my $250 and did not bother to mention they were closing up the next month. What dick heads.... There was this club near me that sold memberships up to the day it closed and went bankrupt. A lot of people would like to see their money back. The town is pretty mad at this guy too. The merchants association pitched in and bought memberships for many of the town's cops just a few weeks before he went under. He took their money and never told them. Around here we had all these gyms and health clubs selling "lifetime memberships" by the tons and then absconding with the cash after they file bankruptcy. The real capper is that they are franchises so other gyms of the same chain will not honor the memberships. Edited March 27, 2008 by bountyhunter Link to comment Share on other sites More sharing options...
davidwiz Posted April 1, 2008 Share Posted April 1, 2008 I feel for you. I've have one client who owed us a boat load of money (and a lot of other attorneys too) and kept saying, "yea, we'll pay you" and all that other BS that you frequently hear from deadbeats, and then one day, I get a notice from the bankruptcy court that the client filed for Chap 7 bankruptcy. Client's bankruptcy attorney tells me not to worry, that there will be money to pay creditors, etc. What a bunch of BS - liabilities exceeded assets by more than 2/1. The only person who got any money was the bankruptcy attorney. Link to comment Share on other sites More sharing options...
davidwiz Posted April 1, 2008 Share Posted April 1, 2008 Pretty sure this phenomenon cost me close to a C-note last week. Ordered software from a local computer store on Thursday. Drove past tuesday. Lights out. Everything gone. Never bothered to say jack about going out of business. This is pretty common too. Companies closing their doors without telling anyone (least of all their creditors) - so they don't have to "deal" with filing for bankruptcy. I imagine that the business owner runs up the bills, takes what ever cash is left and then closes the doors. It's happened to several clients of ours who were owed money by businesses that just shut their doors without telling anyone. Sometimes the creditors don't find out about this until it is too late for them to force the business into an involuntary bankruptcy. In this regard, bankruptcy is preferable, as it is at least an orderly process and all of the assets and liabilities have to be disclosed. Link to comment Share on other sites More sharing options...
davidwiz Posted April 1, 2008 Share Posted April 1, 2008 I thought the laws were supose to change concearning bankruptcy. I think I heard that you still had to pay a percentage of your debts if you file. Am I wrong?, or is it still a free second chance? If it is a Chapter 7 case and there are no assets, no one is getting any money. The secured creditors might get their security back, but that is it. If there are assets and you are an unsecured creditor, you might be lucky to get a few cents on the dollar. If it is a Chapter 13 case, (usually) all creditors get some (sometimes all) of their money back over a multi-year payment plan. Link to comment Share on other sites More sharing options...
mdstihl Posted April 2, 2008 Share Posted April 2, 2008 What I hate is that while some people have to file simply because of bad luck, bad timing, or poor planning, too many others use it as a business tool to get out of paying bills. Link to comment Share on other sites More sharing options...
EricW Posted April 2, 2008 Share Posted April 2, 2008 And still...no sign of my software. How much energy do you put into $86? It's not a huge amount of money, it's the whole lying by conscious act of omission that really sticks in my craw. Link to comment Share on other sites More sharing options...
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