Sinking Ship
Hey,
I am glad to have found this Forum.
I had a business for 7 years, started when I was 21 and grew it to a 5 million a year company. We had a lot of credit given to the company. I placed 80K from my home, 120K from an AMEX LOC, and 210K is still owed on a charge card Small business AMEX, 50K to amsouth bank, 600K in lease termination fees ( SIMON MALLS) and 45K in personal CC all for the business, a CASH ADVANCE on credit card sales owing 30k of a 70K balance and much much more.
The Company was doing good for 6 of the 7! The last year the wireless company we sold in our stores changed our commission rates and we were way under every month hoping to cut expenses. I always lived cheap, i knew growing the company would pay off more if i waited. I hardly took a salary.
So here I am 1.6 million in debt with my S corp and on personal (still happy with life too)
My questions!
1. Has anyone had a large amount owed to AMEX ( legally used funds) and had any problems?
2. If you had a second morg on your home and now its way below the value did the morg company offer you any deals on the second, Should I just give them my house
3. Has anyone claimed a cash advance on credit card sales and had any problems.
4. has anyone gotten married in a BK? i am set for a oct 25th date hopefully the bk will clear by then. I owe 3500 on an engagment ring i want to reaffirm, did anyone have the trustee take the ring no matter your intentions? The wedding my cancel if she loses her ring. ( i am still paying on it)
5. I had a lot of theft, so there are small holes in the inventory and cash from employees stealling at the last minute.
did anyone have a trustee audit their records, I tried to cover all that i thought was stolen, not everyting was reported to police.
6. I have $1500 worth of office stuff left did anyone have a trustee try to sell that or are they looking for big sales? a few computer and CC terminals.
Ok I have lots more questions that i could not find posts about. So i will wait till these are up for a while...
I always wanted to be a millionair just not a negative millionair
I am glad to have found this Forum.
I had a business for 7 years, started when I was 21 and grew it to a 5 million a year company. We had a lot of credit given to the company. I placed 80K from my home, 120K from an AMEX LOC, and 210K is still owed on a charge card Small business AMEX, 50K to amsouth bank, 600K in lease termination fees ( SIMON MALLS) and 45K in personal CC all for the business, a CASH ADVANCE on credit card sales owing 30k of a 70K balance and much much more.
The Company was doing good for 6 of the 7! The last year the wireless company we sold in our stores changed our commission rates and we were way under every month hoping to cut expenses. I always lived cheap, i knew growing the company would pay off more if i waited. I hardly took a salary.
So here I am 1.6 million in debt with my S corp and on personal (still happy with life too)
My questions!
1. Has anyone had a large amount owed to AMEX ( legally used funds) and had any problems?
2. If you had a second morg on your home and now its way below the value did the morg company offer you any deals on the second, Should I just give them my house
3. Has anyone claimed a cash advance on credit card sales and had any problems.
4. has anyone gotten married in a BK? i am set for a oct 25th date hopefully the bk will clear by then. I owe 3500 on an engagment ring i want to reaffirm, did anyone have the trustee take the ring no matter your intentions? The wedding my cancel if she loses her ring. ( i am still paying on it)
5. I had a lot of theft, so there are small holes in the inventory and cash from employees stealling at the last minute.
did anyone have a trustee audit their records, I tried to cover all that i thought was stolen, not everyting was reported to police.
6. I have $1500 worth of office stuff left did anyone have a trustee try to sell that or are they looking for big sales? a few computer and CC terminals.
Ok I have lots more questions that i could not find posts about. So i will wait till these are up for a while...
I always wanted to be a millionair just not a negative millionair
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