Business Bankruptcy Law | Small Business Bankruptcy Laws

Foundation: I telecommute for a company out of southern Utah. Originally I worked for them in-office but moved to Nevada in 2009 and established an office in my home. Also, I am on salary and work 40+ hours per week including weekends and holidays when necessary even though I am the only person in the company who doesn’t work a standard M-F, 8-5 shift.

Background: The company that I have worked for (W2) since April 2008 filed Chapter 11 bankruptcy in July 2010 due to some issues with an investor trying to conduct a hostile take-over. The venue was originally in Nevada but was moved to Utah courts in January 2011 because the Nevada judge ordered a change of venue based on where the corporate office is located. There is now a trustee who has taken over as of March 7, 2011.

The trustee is saying that he doesn’t have the authority to pay the employees of the company, including me, and that the company should have stopped paying all of us back in July 2010 when the chapter 11 restructure was filed. I’ve not been let go but can’t work for free & would prefer to be let go as apposed to quitting so that I can collect unemployment.

Additionally, this trustee is saying that we employees can be sued for everything we’ve been paid since July 2010.

Question: Can they do that? Can I actually be sued because my employer didn’t fire me 9 months ago? I’ve been working this entire time, business as usual, conducting all of my usual duties prior to the bankruptcy. My employer assured me that this bankruptcy was just a restructure and that it wouldn’t affect our jobs so I never questioned it or considered finding work elsewhere. Can I be liable for this? Also, shouldn’t my employer/this trustee have to fire/terminate myself and the other employees instead of just not paying us come pay day and waiting for us to quit?

My daughters husband is a dreamer: goes from one job to another. He finally drove them into financial ruin by trying to operate a house gutter business. My husband & I have been buying groceries & paying some bills for them over the last year. They lost their health insurance & have 2 sons, one with diabetes & one with asthma. My son-in-law has ticked a lot of people off by not showing up for jobs & is being sued. He is not a nice person but seems to think the world owes him a living. We help our daughter & grandsons because it’s not their fault but have got to the stage where we think we’re enabling him by giving them money. It’s gotten as far as having to co-sign for our daughters car so she can get to work.
The S-I-L has now got a restaurant job but they are still in debt & talking about bankruptcy (again).
We have an unexpected bill ourselves this month & would like to get some money back (the 0 we lent him to buy a truck when his got re-possessed would be nice).

Tribune Co. filed its latest plan to emerge from Chapter 11 protection late Friday, hoping it had sufficient creditor backing to win a Delaware bankruptcy court’s confirmation and end its contentious two-year bankruptcy.

But the Chicago-based media firm is by no means assured of success even though it filed the reorganization plan jointly with the Official Committee of Unsecured Creditors, JPMorgan Chase and hedge funds Oaktree Capital Management and Angelo, Gordon & Co.

By Friday, other creditors seeking a richer payout from the bankruptcy estate are expected to present competing plans for concluding the restructuring, which has been rocked by shifting alliances and pitched legal battles over how much creditors should receive and who should be held responsible for paying them.Tribune presents second plan to exit Chapter 11

http://www.chicagotribune.com/business/feed/ct-biz-1024-tribune-reorg-20101023,0,7927509.story

Are they "too big to fail" or will Nancy Pelosi and Obama bail them out? Speaks volumes on how people are sick and tired of the propaganda from the liberal left looney tunes.

My closest friend just phoned me to pick him up because his car has been repossessed. I’ve tried to help with organizing his finances by consolidating but he didn’t listen. Now his 1 car has been repossessed. He has 3 other cars, one he’s behind by many payments & is upside down & owes more than it’s worth. He had total 4 cars, 2 he owns – 1 isn’t worth much (old) & the other IS worth a LOT. The other 2, one is now repossessed & the other will likely also be repossessed. He’s upside down on both & has not made payments on either in several months & isn’t likely to come up with the money to get caught up. Even if he did get caught up, he would need minimum of k on EACH of the 2 cars to be even with the value of them. (He can’t sell them unless he comes up with k per car)

He asked if he should voluntarily have this one repossessed also. He’s considering filing BK now. He’s asking me about what’s going to happen. I told him it’s possible they will win a judgment against him & may have the right to cease assets to pay his debt for the money he will owe after they sell his car at auction (the difference of costs from the loss to them).
Can they cease his other assets? (I told him to sell the valuable car asap to keep them from ceasing it – just in case)
I also told him to consider a bankruptcy filing.

Please tell me, does anyone know what rights they will have now?
Is filing for BK the best way out of this mess to start new & fresh & remove old habits? Or is there another way? He knows this would remain on his credit for 10-years if he files. He isn’t likely to have the money to get the payments caught up, also since he’s so upside down, why be prisoner to all of this if there’s a legal way to start new?

Someone with legal knowledge, please help me with this, I’d like to advise him with facts that will really help him. He’s a mess & very stressed from late notices, phone calls & now they are taking away from him these things. How much worse could it get? What is the wisest solution?

P.S. – He also owns a small business (suffering)

May 1 Issued Check No. 3410 to S&P Management Co. in payment of the May rent, ,710. (Use
two lines to record the transaction. Charge 80% of the rent to Rent Expense—Selling Space
and the balance to Rent Expense—Office Space.)
2 Sold merchandise on credit to Hensel Company, Invoice No. 8785, for ,100 (cost is ,100).
2 Issued a 5 credit memorandum to Knox, Inc., for defective (worthless) merchandise sold
on April 28 and returned for credit. The total selling price (gross) was ,725.
3 Received a 8 credit memorandum from Peyton Products for the return of merchandise
purchased on April 29.
4 Purchased the following on credit from Gear Supply Co.: merchandise, ,072; store supplies,
4; and office supplies, . Invoice dated May 4, terms n10 EOM.
5 Received payment from Knox, Inc., for the balance from the April 28 sale less the May 2
return and the discount.
8 Issued Check No. 3411 to Peyton Products to pay for the ,098 of merchandise purchased
on April 29 less the May 3 return and a 2% discount.
9 Sold store supplies to the merchant next door at their cost of 0 cash.
10 Purchased ,074 of office equipment on credit from Gear Supply Co., invoice dated May
10, terms n10 EOM.
11 Received payment from Hensel Company for the May 2 sale less the discount.
11 Purchased ,800 of merchandise from Garcia, Inc., invoice dated May 10, terms 210,
n30.
12 Received an 4 credit memorandum from Gear Supply Co. for the return of defective office
equipment received on May 10.
15 Issued Check No. 3412, payable to Payroll, in payment of sales salaries, ,320, and office
salaries, ,150. Cashed the check and paid the employees.
15 Cash sales for the first half of the month are ,220 (cost is ,200). (Cash sales are
recorded daily but are recorded only twice here to reduce repetitive entries.)
15 Post to the customer and creditor accounts. Also post individual items that are not included
in column totals at the end of the month to the general ledger accounts. (Such items are
posted daily but are posted only twice each month because they are few in number.)
16 Sold merchandise on credit to Hensel Company, Invoice No. 8786, for ,990 (cost is
,890).
17 Purchased ,650 of merchandise from Fink Corp., invoice dated May 14, terms 210,
n60.
19 Issued Check No. 3413 to Garcia, Inc., in payment of its May 10 invoice less the discount.
22 Sold merchandise to Lee Services, Invoice No. 8787, for ,850 (cost is ,990), terms
210, n60.
23 Issued Check No. 3414 to Fink Corp. in payment of its May 14 invoice less the discount.
24 Purchased the following on credit from Gear Supply Co.: merchandise, ,120; store supplies,
0; and office supplies, 0. Invoice dated May 24, terms n10 EOM.
25 Purchased ,080 of merchandise from Peyton Products, invoice dated May 23, terms 210,
n30.
26 Sold merchandise on credit to Crane Corp., Invoice No. 8788, for ,210 (cost is ,230).
26 Issued Check No. 3415 to Perennial Power in payment of the May electric bill, ,283.
29 The owner of Colo Company, Jenny Colo, used Check No. 3416 to withdraw ,000 cash
from the business for personal use.
30 Received payment from Lee Services for the May 22 sale less the discount.
30 Issued Check No. 3417, payable to Payroll, in payment of sales salaries, ,320, and office
salaries, ,150. Cashed the check and paid the employees.
31 Cash sales for the last half of the month are ,052 (cost is ,500).
31 Post to the customer and creditor accounts. Also post individual items that are not included
in column totals at the end of the month to the general ledger accounts. Foot and crossfoot the journals and make the month-end postings.
Required
1. Enter these transactions in a sales journal, a purchases journal, a cash receipts journal, a cash disbursements
journal, or a general journal as illustrated in this chapter. Post when instructed to do
so. Assume a perpetual inventory system.
2. Prepare a trial balance in the Trial Balance columns of the work sheet form provided with the working
papers. Complete the work sheet using the following information for accounting adjustments:
a. Expired insurance, 3.
b. Ending store supplies inventory, ,632.
c. Ending office supplies inventory, 4.
d. Depreciation of store equipment, 7.
e. Depreciation of office equipment, 9.
Prepare and post adjusting and closing entries.
3. Prepare a May 2005 multiple-step income statement, a May 2005 statement of owner’s equity,
and a May 31, 2005, classified balance sheet.
4. Prepare a post-closing trial balance. Also prove the accuracy of subsidiary ledgers by preparing
schedules of both accounts receivable and accounts payable

Generic Mastercard gift cards purchased in retail stores are great, except that most online merchants (or bill payees) require a billing zip code. Our small business was giving out small quantities of prepaid personalized "incentive" cards each month which worked perfectly… until recently when the company we were using to purchase these cards filed bankruptcy and left us with unfunded cards we’d already paid for. Since then I’ve been searching for an alternative but haven’t found one. I spoke with a rep at a major company today who told me that the kind of card we WERE getting will now be hard to find because they aren’t profitable for the issuers. What we’re looking for doesn’t have to be personalized or reloadable, but we need two features for sure: adjustable denominations & ability to verify cardholder information for online purchases or bill payment. Hope someone can help!

John & Mary are married. They own a home together and both signed for and on the mortgage. The home is worth 200K, they owe 100K, have 100K equity.
John loses good job, but Mary can keep the mortgage payments up with her income, plus incidental expenses.
John has debt in his name only, unsecured, owes 18K
John got a small businees loan (not SBA) for 100K in his name only and purchased a business in his name only for 100K. John has a few other unsecured debts, totaling 8K.
John business is failing, he cannot make the payments, there is now not a market for his business to resell, there is little business inventory of value.
John wants to file bankruptcy for 130K owed on the unsecured loans only.

Mary is concerned that they can come after the equity in the home that they own and owe on jointly.
John doesn’t think they can do this. They live in Indiana.

A side note, the business loan is in the name of a LLC Corp. that John set up, but John also signed as a personal guarantor for this 100K loan. Mary is in no way connected to the business or loan. Nor are there any other partners.

May 1 Issued Check No. 3410 to S&P Management Co. in payment of the May rent, ,710. (Use
two lines to record the transaction. Charge 80% of the rent to Rent Expense—Selling Space
and the balance to Rent Expense—Office Space.)
2 Sold merchandise on credit to Hensel Company, Invoice No. 8785, for ,100 (cost is ,100).
2 Issued a 5 credit memorandum to Knox, Inc., for defective (worthless) merchandise sold
on April 28 and returned for credit. The total selling price (gross) was ,725.
3 Received a 8 credit memorandum from Peyton Products for the return of merchandise
purchased on April 29.
4 Purchased the following on credit from Gear Supply Co.: merchandise, ,072; store supplies,
4; and office supplies, . Invoice dated May 4, terms n
5 Received payment from Knox, Inc., for the balance from the April 28 sale less the May 2
return and the discount.
8 Issued Check No. 3411 to Peyton Products to pay for the ,098 of merchandise purchased
on April 29 less the May 3 return and a 2% discount.
9 Sold store supplies to the merchant next door at their cost of 0 cash.
10 Purchased ,074 of office equipment on credit from Gear Supply Co., invoice dated May
10, terms n10 EOM.
11 Received payment from Hensel Company for the May 2 sale less the discount.
11 Purchased ,800 of merchandise from Garcia, Inc., invoice dated May 10, terms 210,
n30.
12 Received an 4 credit memorandum from Gear Supply Co. for the return of defective office
equipment received on May 10.
15 Issued Check No. 3412, payable to Payroll, in payment of sales salaries, ,320, and office
salaries, ,150. Cashed the check and paid the employees.
15 Cash sales for the first half of the month are ,220 (cost is ,200). (Cash sales are
recorded daily but are recorded only twice here to reduce repetitive entries.)
15 Post to the customer and creditor accounts. Also post individual items that are not included
in column totals at the end of the month to the general ledger accounts. (Such items are
posted daily but are posted only twice each month because they are few in number.)
16 Sold merchandise on credit to Hensel Company, Invoice No. 8786, for ,990 (cost is
,890).
17 Purchased ,650 of merchandise from Fink Corp., invoice dated May 14, terms 210,
n60.
19 Issued Check No. 3413 to Garcia, Inc., in payment of its May 10 invoice less the discount.
22 Sold merchandise to Lee Services, Invoice No. 8787, for ,850 (cost is ,990), terms
210, n60.
23 Issued Check No. 3414 to Fink Corp. in payment of its May 14 invoice less the discount.
24 Purchased the following on credit from Gear Supply Co.: merchandise, ,120; store supplies,
0; and office supplies, 0. Invoice dated May 24, terms n10 EOM.
25 Purchased ,080 of merchandise from Peyton Products, invoice dated May 23, terms 210,
n30.
26 Sold merchandise on credit to Crane Corp., Invoice No. 8788, for ,210 (cost is ,230).
26 Issued Check No. 3415 to Perennial Power in payment of the May electric bill, ,283.
29 The owner of Colo Company, Jenny Colo, used Check No. 3416 to withdraw ,000 cash
from the business for personal use.
30 Received payment from Lee Services for the May 22 sale less the discount.
30 Issued Check No. 3417, payable to Payroll, in payment of sales salaries, ,320, and office
salaries, ,150. Cashed the check and paid the employees.
31 Cash sales for the last half of the month are ,052 (cost is ,500).
31 Post to the customer and creditor accounts. Also post individual items that are not included
in column totals at the end of the month to the general ledger accounts. Foot and crossfoot
the journals and make the month-end postings.
Required
1. Enter these transactions in a sales journal, a purchases journal, a cash receipts journal, a cash disbursements
journal, or a general journal as illustrated in this chapter. Post when instructed to do
so. Assume a perpetual inventory system.
2. Prepare a trial balance in the Trial Balance columns of the work sheet form provided with the working
papers. Complete the work sheet using the following information for accounting adjustments:
a. Expired insurance, 3.
b. Ending store supplies inventory, ,632.
c. Ending office supplies inventory, 4.
d. Depreciation of store equipment, 7.
e. Depreciation of office equipment, 9.
Prepare and post adjusting and closing entries.
3. Prepare a May 2005 multiple-step income statement, a May 2005 statement of owner’s equity,
and a May 31, 2005, classified balance sheet.
4. Prepare a post-closing trial balance. Also prove the accuracy of subsidiary ledgers by preparing
schedules of both accounts receivable and accounts payable

May 1 Issued Check No. 3410 to S&P Management Co. in payment of the May rent, ,710. (Use
two lines to record the transaction. Charge 80% of the rent to Rent Expense—Selling Space
and the balance to Rent Expense—Office Space.)
2 Sold merchandise on credit to Hensel Company, Invoice No. 8785, for ,100 (cost is ,100).
2 Issued a 5 credit memorandum to Knox, Inc., for defective (worthless) merchandise sold
on April 28 and returned for credit. The total selling price (gross) was ,725.
3 Received a 8 credit memorandum from Peyton Products for the return of merchandise
purchased on April 29.
4 Purchased the following on credit from Gear Supply Co.: merchandise, ,072; store supplies,
4; and office supplies, . Invoice dated May 4, terms n10 EOM.
5 Received payment from Knox, Inc., for the balance from the April 28 sale less the May 2
return and the discount.
8 Issued Check No. 3411 to Peyton Products to pay for the ,098 of merchandise purchased
on April 29 less the May 3 return and a 2% discount.
9 Sold store supplies to the merchant next door at their cost of 0 cash.
10 Purchased ,074 of office equipment on credit from Gear Supply Co., invoice dated May
10, terms n10 EOM.
11 Received payment from Hensel Company for the May 2 sale less the discount.
11 Purchased ,800 of merchandise from Garcia, Inc., invoice dated May 10, terms 210,
n30.
12 Received an 4 credit memorandum from Gear Supply Co. for the return of defective office
equipment received on May 10.
15 Issued Check No. 3412, payable to Payroll, in payment of sales salaries, ,320, and office
salaries, ,150. Cashed the check and paid the employees.
15 Cash sales for the first half of the month are ,220 (cost is ,200). (Cash sales are
recorded daily but are recorded only twice here to reduce repetitive entries.)
15 Post to the customer and creditor accounts. Also post individual items that are not included
in column totals at the end of the month to the general ledger accounts. (Such items are
posted daily but are posted only twice each month because they are few in number.)
16 Sold merchandise on credit to Hensel Company, Invoice No. 8786, for ,990 (cost is
,890).
17 Purchased ,650 of merchandise from Fink Corp., invoice dated May 14, terms 210,
n60.
19 Issued Check No. 3413 to Garcia, Inc., in payment of its May 10 invoice less the discount.
22 Sold merchandise to Lee Services, Invoice No. 8787, for ,850 (cost is ,990), terms
210, n60.
23 Issued Check No. 3414 to Fink Corp. in payment of its May 14 invoice less the discount.
24 Purchased the following on credit from Gear Supply Co.: merchandise, ,120; store supplies,
0; and office supplies, 0. Invoice dated May 24, terms n10 EOM.
25 Purchased ,080 of merchandise from Peyton Products, invoice dated May 23, terms 210,
n30.
26 Sold merchandise on credit to Crane Corp., Invoice No. 8788, for ,210 (cost is ,230).
26 Issued Check No. 3415 to Perennial Power in payment of the May electric bill, ,283.
29 The owner of Colo Company, Jenny Colo, used Check No. 3416 to withdraw ,000 cash
from the business for personal use.
30 Received payment from Lee Services for the May 22 sale less the discount.
30 Issued Check No. 3417, payable to Payroll, in payment of sales salaries, ,320, and office
salaries, ,150. Cashed the check and paid the employees.
31 Cash sales for the last half of the month are ,052 (cost is ,500).
31 Post to the customer and creditor accounts. Also post individual items that are not included
in column totals at the end of the month to the general ledger accounts. Foot and crossfoot
the journals and make the month-end postings.
Required
1. Enter these transactions in a sales journal, a purchases journal, a cash receipts journal, a cash disbursements
journal, or a general journal as illustrated in this chapter. Post when instructed to do
so. Assume a perpetual inventory system.
2. Prepare a trial balance in the Trial Balance columns of the work sheet form provided with the working
papers. Complete the work sheet using the following information for accounting adjustments:
a. Expired insurance, 3.
b. Ending store supplies inventory, ,632.
c. Ending office supplies inventory, 4.
d. Depreciation of store equipment, 7.
e. Depreciation of office equipment, 9.
Prepare and post adjusting and closing entries.
3. Prepare a May 2005 multiple-step income statement, a May 2005 statement of owner’s equity,
and a May 31, 2005, classified balance sheet.
4. Prepare a post-closing trial balance. Also prove the accuracy of subsidiary ledgers by preparing
schedules of both accounts receivable and accounts payable

This (both of us) is my 3rd marriage ( & we are EXTREMELY happy with each other – on a PERSONAL level!!) but in 2004 HE just HAD to have this house. It is a very solid house (built in 1978 -no pressed board here!) on 6 acres, he with unbelievable business potential. It has been valued at over 650,000.00 simply on location. We have a woman who owns apts. ‘next door’ (kind of across an acre of land her 30-something son ‘plays’ on) who has offered 0,000.00 for it. Sorry! We owe about 5.000.00 on it. So, we HAVE to get AT LEAST 0,000.00 to maybe 0.000.00 to even make any headway on it. Plus (and this is the bad part!): my daughter OWNS the property and had to declare Chapter 13 last October, 2007! And then the interest level increased & now we have an over ,.000.00 a month mortgage pmt on this place!!!
I have a very prosperous daycare business in one of the rooms – but every penny I make goes to bills/mortgages. And to pay my spouse’s bills over the past winter – because he wouldn’t get an alternative job (other than what he WANTS to do??!?) to pay his OWN bills!!!

Now I am needing some input from some one objective (other than kicking hubs to the curb – there is some significant histroy there that I won’t divulge at this time) as to whether or not I should sell to the "apt. lady" who wants it semi-desperately, or to just wait for the other shoe to fall & get foreclosed upon.
I’m sorry – I had to read what I’ve already said to make sure it was OK!

Anyway, daughter is paying the Trustee & I have not been able to get the mortgage $ together for the past 4 months because of shelling out to hubs.

The main question here is: should I sell out to the apt lady for WHAT PRICE & TRY to lease/purchase another house I’ve found (very perfect for my type of daycare business where we could also live), or just wait til the other shoe from the mortgage co. drops?
This other house is only ,600.00 a month & it makes me dizzy thinking about the "disposable income" we would have then! Oh, and I WILL NOT/CANNOT leave my hubs – as I said, there is history there I prefer to keep private. Thanks, though!
Thanks. Jeff. We have tried that & nothing has come of it YET. The timing seems all wrong to make it work – hubs is one of those who can’t let go of something once he thinks he has it – I am the total opposite (as far as only material things are concerned!!) .

What worries me is that this house I found will be sold before I move on it. It is actually a "Flip This House" house! You know – the show that re-does houses to sell? It’s in a high traffic area, horseshoe drive, perfect layout for a daycare (FIVE bedrooms!) & is. of course, in pristine condition! I am in H*ll about this!!!

Im currently attending college and I Ihave two credit card debts whichare both 500
so total of 1000
I have aphone bill which got cut off and I owe 300.oo
This happened when I moved to school my job I transfered to didnt put me on the schedule for a while so I had gotten behind payments.My credit is now messed up
when I went to go apply for a loan they told me I didnt qualify niether did my mom
My dad wont help me and my granma cant either.Well now I have a new job but they only give me like 2 days and i only make 100 dollars.
Now i have to pay 400 for my tuition and housing if i stop school and work Iwont have aplace to live
if I dont pay i can get kicked out
I was thinking about going into the navy as my last resort but i honestly dont believe the military is for me
adn I have the chance to go to auditions and use my talents but im afraid it wont get me buy I dont know what to do help please
31 minutes ago – 3 days left to answer.
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Hello Jenny Love

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I’m a junior in the Southeast and am taking 3 AP’s this year; english, U.S history, and environmental science. Next year I plan on taking four; stats, english, and both calcs. Currently, I have a 4.6 (weighted GPA) and a 3.8 unweighted. I’m in the top 5% of my class.

I’m hispanic and am Founder and President of my school’s FBLA (Future Business Leaders of America) chapter. I’ve also been in Key Club since freshman year and volunteer every summer at the local university hospital. I’m the treasurer of the Spanish Club and a member of DECA (another business club). To top it off I work 11 hours a week.

I’m a competitive year-round swimmer and swim on my high school team in the winter.

I’m planning on taking the ACT’s because my SAT’s were weak (1800).

I also have taken Spanish 1-AP, and French 1 &2. I’m not sure if that helps?:p

I’m only asking because no one in my family has gone to college, so I don’t know what college I should aim ?

Oh and I’ve done a few business conferences and programs at Georgetown, Pace, and Duke and paid for them myself.

I owe about k in credit card debts. I make about 0k a year. From what i have been reading, i may need to file Chapter 13. Im not paying all my credit cards anymore for 3-4 months now, im focusing on my house, car payment & utilities. Business is still up and running good but it would take me atleast a year before i can even catch up on anything. It very very tight right now and its hard… please help.

……… he can’t come out and say it’s constitutional, because it’s not, but don’t take it from me, see for yourself. Just watch the videos in the links below.
The first two links are to two different videos from the c-span video library. Click on the flash player in the upper right hand corner of each page. The window that opens up allows you to search for keywords in the upper left hand corner of that new window after checking the show transcripts box in the lower left hand corner. You can then click on the highlighted parts of the transcript to watch the discussion, or just read it.
For the video in the first link search the keywords "seizing private business" and you can read everything else the congressman who said that, said to Geithner and what Geithner said back to him. You might have to wait several seconds for the rhetoric to show up highlighted.

http://www.c-spanarchives.org/library/index.php?main_page=product_video_info&cPath=6_11&products_id=284882-1&highlight=

For this second video, search the keyword "Bachmann". You can again follow the discussion, this time between Geithner and her. This is very important. She asks if the things the treasury has recently been doing are constitutional. Realize this includes them asking for the power to seize and liquidate "systemic risk" businesses. After failing to answer the question for a while the best thing he says is that " it’s in the laws of the land," which boils down to her asking "specifically, where is this in the constitution," and him saying "Oh, it’s in there." This is not a real answer. The truth is, this sort of power is not explicitly or implicitly given to the federal government anywhere in the constitution. That’s why he didn’t give a real answer.

http://www.c-spanarchives.org/library/index.php?main_page=product_video_info&cPath=6_11&products_id=284797-1&highlight=

To let you be sure Geithner is asking for this, read from a link to a third source from a British publication. Hit "contol f" to search for "liquidating." In the surrounding sentence and material you clearly see they express a need for "federal powers to take over a non-bank financial firm and allow an orderly process for liquidating it." This is to support what you see in the c-span clips. Also, they want this authority to be permanent, of course.

http://www.telegraph.co.uk/finance/financetopics/recession/5052866/US-Treasury-chief-Geithner-seeks-power-over-hedge-funds-private-equity-and-derivatives.html

The proof here is for those skeptical of conservative pundits etc. This stuff comes straight from the source, not a short clip on Glenn Beck.
Remember, the federal government is given specific powers by the constitution and all others are reserved for the states and the people. If something is not explicitly described as a power of the Federal government like this, the burden of evidence lies not in proving why it is not constitutional, BUT WHY IT IS constitutional. The government loosely interprets the interstate commerce clause to allow for all sorts of regulations on business. That’s good. The real solution is preventing powerful, influential corporations from becoming "systemic risks" in the first place (with reasonable regulations). If they get to the "systemic risk" point, the govt. has already failed. Bankruptcy already exists and at least gives a risky business a chance to restructure, instead of forcing it closed. So, there is no need for what Sheiztner is proposing. I’m all for regulation, but closing businesses deemed a "systemic risk" is a great leap towards a planned economy. Realize that if you interpret this clause as loosely and far removed as possible, it would technically allow for the planned economies of failed communist states of the past, to be constitutional in America! Just because it may not explicitly say in the constitution the government cannot control everything about all businesses, doesn’t mean it’s constitutional. Surely, the framers of the constitution did not envision an America like that, and remember, it is they who said the constitution must be interpreted according to history at their point in time. This is unconstitutional. What really makes it wrong though, is that the government is worse at making big business decisions than the big businesses can be. If you think this is helping, realize this is somewhat analogous to taking a loaded gun from a 5 year old and giving it to a 2 year old! I’m for all regulation short of something that will never work like this, and again, let’s not forget, this is unconstitutional. The planned economies of the past failed. This is a giant leap towards a planned economy. Do the math.
To try and put this in perspective for those who don’t necessarily believe that Obama can do no harm, despite supporting him, you should ask yourselves "would I want a Republican government with this same authority…. if the Bush Admin. asked for power like this would I still be for it, and not qu
Link 1 will highlight the keywords in the transcript when you follow the directions, you will see who said them. Bachmann is the congresswoman speaking in link 2.

Keep getting turned down but we are not behind on anything and always pay our bills on time. No defaults, no bankruptcy, relatively good and stable income, but high loan to credit limit ratio, and a couple of recent over the limits while trying to rob Peter to pay Paul, last year was behind on student loan, now caught up! Tired of having to say no to our children when they ask for the smallest things. No breathing room to even go out to eat or a show, not to mention we haven’t had a vacation in over 3 years. I have a part time job that helps some. I work everyday my wife works about 50 hours per week, Missing out on my wife and kids. We are makin it but life has to get better than this. Our relationship is strained. We are gettin tired!
Category
Business & Finance > Personal Finance

Assume it is Monday, May 1, the first business day of the month, and you have just been hired as the accountant for Colo Company, which operates with monthly accounting periods. All of the company’s accounting work is completed through the end of April and its ledgers show April 30 balances. During your first month on the job, the company experiences the following transactions and events (terms for all its credit sales are 210, n30 unless stated differently):
May 1 Issued Check No. 3410 to S&P Management Co. in payment of the May rent, ,710. (Use two lines to record the transaction. Charge 80% of the rent to Rent Expense—Selling Space and the balance to Rent Expense—Office Space.)
2 Sold merchandise on credit to Hensel Company, Invoice No. 8785, for ,100 (cost is ,100).
2 Issued a 5 credit memorandum to Knox, Inc., for defective (worthless) merchandise sold on April 28 and returned for credit. The total selling price (gross) was ,725.
3 Received a 8 credit memorandum from Peyton Products for the return of merchandise purchased on April 29.
4 Purchased the following on credit from Gear Supply Co.: merchandise, ,072; store supplies, 4; and office supplies, . Invoice dated May 4, terms n10 EOM.
5 Received payment from Knox, Inc., for the balance from the April 28 sale less the May 2 return and the discount.
8 Issued Check No. 3411 to Peyton Products to pay for the ,098 of merchandise purchased on April 29 less the May 3 return and a 2% discount.
9 Sold store supplies to the merchant next door at their cost of 0 cash.
10 Purchased ,074 of office equipment on credit from Gear Supply Co., invoice dated May 10, terms n10 EOM.
11 Received payment from Hensel Company for the May 2 sale less the discount.
11 Purchased ,800 of merchandise from Garcia, Inc., invoice dated May 10, terms 210, n30.
12 Received an 4 credit memorandum from Gear Supply Co. for the return of defective office equipment received on May 10.
15 Issued Check No. 3412, payable to Payroll, in payment of sales salaries, ,320, and office salaries, ,150. Cashed the check and paid the employees.
15 Cash sales for the first half of the month are ,220 (cost is ,200). (Cash sales are recorded daily but are recorded only twice here to reduce repetitive entries.)
15 Post to the customer and creditor accounts. Also post individual items that are not included in column totals at the end of the month to the general ledger accounts. (Such items are posted daily but are posted only twice each month because they are few in number.)
16 Sold merchandise on credit to Hensel Company, Invoice No. 8786, for ,990 (cost is 1,890).
17 Purchased ,650 of merchandise from Fink Corp., invoice dated May 14, terms 210, n60.
19 Issued Check No. 3413 to Garcia, Inc., in payment of its May 10 invoice less the discount.
22 Sold merchandise to Lee Services, Invoice No. 8787, for ,850 (cost is ,990), terms 210, n60.
23 Issued Check No. 3414 to Fink Corp. in payment of its May 14 invoice less the discount.
24 Purchased the following on credit from Gear Supply Co.: merchandise, ,120; store supplies, 0; and office supplies, 0. Invoice dated May 24, terms n10 EOM.
25 Purchased ,080 of merchandise from Peyton Products, invoice dated May 23, terms 210, n30.
26 Sold merchandise on credit to Crane Corp., Invoice No. 8788, for ,210 (cost is ,230).
26 Issued Check No. 3415 to Perennial Power in payment of the May electric bill, ,283.
29 The owner of Colo Company, Jenny Colo, used Check No. 3416 to withdraw ,000 cash from the business for personal use.
30 Received payment from Lee Services for the May 22 sale less the discount.
30 Issued Check No. 3417, payable to Payroll, in payment of sales salaries, ,320, and office salaries, ,150. Cashed the check and paid the employees.
31 Cash sales for the last half of the month are ,052 (cost is ,500).
31 Post to the customer and creditor accounts. Also post individual items that are not included in column totals at the end of the month to the general ledger accounts. Foot and crossfoot the journals and make the month-end postings.
Required
1. Enter these transactions in a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, or a general journal as illustrated in this chapter. Post when instructed to do
so. Assume a perpetual inventory system.
2. Prepare a trial balance in the Trial Balance columns of the work sheet form provided with the working papers. Complete the work sheet using the following information for accounting adjustments:
a. Expired insurance, 3.
b. Ending store supplies inventory, ,632.
c. Ending office supplies inventory, 4.
d. Depreciation of store equipment, 7.
e. Depreciation of office equipment, 9.
Prepare and post adjusting and closing entries.
3. Prepare a May 2005 multiple-step income statement, a May 2005 statement of owner’s equity, and a May

Saved us from WHAT?

1) He inherited a 7.1% unemployment rate….it’s now .9.7%
2) He’s lost 4.5 Million jobs
3) We have lost 15,650 small Business’s since he took over
4) 4.7 Million Bankruptcies under his "recovery" ideas
5) 6.6 Million homes repoed under his leadership

Some 35 Golf Games Later (a record) we are still sinking and he claims we are moving into good times……….WITH a Democratic House & Senate (SINCE DEC 2006)

I know his wall-street buddies are making out pretty good but for the rest of us…it sucks!

WTF, this guy is a HUGE loser………..how can these people say we are recovering?????????

My fiance and I have been engaged since last July. He lives 2 hours away, and lives with a relative of his. Anyway… Recently, his relative who owns the house, has invited 2, (maybe 3) other people to live with them. 4 grown people sharing a small house with one bathroom and maybe 3 bedrooms could be quite.. uncomfortable. In addition to that, they started out with 3 dogs, and the new people brought 4 more, so there’s also 7 dogs there as well. My family is already hard on him, because we met online and there’s an age difference between us. If they found out about his, it wouldn’t help either of us at all.

Last year, he lost his job as a manager at a bar&grille because it went out of business. The relative he lives with was the owner. He was on unemployment for a little while, and now has the fortune to be working full time at Giant. However, he has to be working at least 45 hours to pay his bills. It seems to me, that he’s the only one there that has a job, and he can’t afford to pay ALL of the bills by himself. If the others are paying rent, she’s not using the money for bills. His credit card bill is going up, and he can’t afford to pay it back, because he has to spend his pay checks on the bills that he shouldn’t have to be paying on his own to begin with. He’s trying to find another, higher paying job, but obviously, that’s not an easy thing to do. He wants to get out of that place, but he can’t afford to move. His relative won’t give him his W2 so he can’t do his taxes, apparently because she owes them money. He’s convinced that eventually, he’s going to be so far into debt, he won’t have a place to live, or a car to drive, or a way for us to keep in contact, much less marry. And, if his relative won’t give him his W2, he can’t do his taxes, and he might have to go to jail.

I work part time as a local grocery store. I just bought my first car, and I’m spending most of my own money on my insurance and phone bill, and gas. I want to help him, but I can’t, and he won’t let me. I suggested declaring bankruptcy, if he had to, and he said that that would destroy his credit, and he won’t be able to get anything anyway.

Is there anything at all that I can do to help him get passed this? It is extremely difficult thinking that eventually I won’t be able to contact him for an indeterminable time. Perhaps, this might even bring the end of our relationship. Any helpful suggestions, financial or otherwise, would be greatly appreciated.

I was approved for ssi early 2009, I only received 1 back support lump chk but not ongoing as my husband got a promotion that put us over monthly allowed income. Do I have to claim this as income or anywhere on the tax form? I usually do short forms since becoming disabled. I used to itemize with small business before but not sure what I should bother with now. I also had my student loan forgiven discharged, do I count that loan amount as some type of ‘benefit’ or income similar to when people file bankruptcy counts that discharge taxable? I read that someplace about bankruptcy, no that doesn’t apply here. Just the ssi’ benefit & student loan discharge. Or do they even need mentioned in short form.? Thank you.

Basics of the story: I live in Oregon, my fiancé lives in Acapulco. The US is NOT helping us start our life out together. We want to move to Canada, ASAP, permanently. We’ve looked in to the country, and feel it is an incredible place to build a life. We are ready to move there, today.
There are some issues which are making our lives difficult. As with most issues, some are our past errors in life, and some are purely situational. We are two humans, trying to make a life together. We are not perfect. We have made errors. But we both feel we have finally found eachother, and there in, a reason to Try in life. We just want to live. Together. Somewhere we can both be legal, respected, equal citizens.

Here are the negative issues which should be taken into consideration:
-Neither of us have a substantial amount of money
-I have a k tax lien w/ the US gov (due to my parents, LONG STORY. I can file Bankruptcy to get rid of this, if it will help our case.)
-My fiancé was deported from the US.
-He has a “menace threat” on the records from CA
-He is not fluent in English nor French
-He has not completed the “Matricula Conusular”, I believe that is the equivalent of not finishing High School.

Here are the positives which should be taken into consideration:
-He was in the military for 5 years in Mexico
-He has served in the Police force in Mexico for the greater portion of the last year
-I am bilingual in English & Spanish
-We are both capable and hard workers
-I have worked in the banking/mortgage business for years
-He has experience as a cook for years, in the army, and out
-We are both 100% dedicated to starting anew, and will do whatever it takes to find somewhere which will allow us to do just that, together.

The largest positive, however, is our (cheesiness warning) love for eachother. We want to raise a family. I have been told by lawyers to move to Mexico, if we really want to be together. If no one else follows the news in Mexico, as it rarely reaches English news stations, google Fernando Marti, or, read this article: http://seattletimes.nwsource.com/html/nationworld/2008112652_mexico14.html. Crimes of this nature occur all the time. Not to mention the drug conflict is verging on a full blown war in Mexico right now. As a police officer, and part of the military, my fiancé knows only too well the realities of a nation at war with its own corruption. And we both know, it is not where we want to start our family.
Any help would be incredibly appreciated. We very much wish to move to Canada, as my family lives in Oregon, US, it would be a 5-6 hour drive for them to visit us. But if Canada will not have us, we are looking into France, Spain, and Italy. We’re just two people, who, like most people, have pasts. But, I love him. And am only asking for the chance, to try. Thanks to anyone who reads this.