Business Bankruptcy Law | Small Business Bankruptcy Laws

The short story is that after a failed business, my home was lost to foreclosure, several bills mounted and I now have a means to payback debt. The other day I was successful at obtaining an agreement to pay a month on a 5k balance and it is my hope I can manage to do so with all of my debts. The monster in the closet is a 20k equity loan that was secured by my home which has no longer mine. When I approached the office I would typically make my payment to they gave me the number for the collections department and before I could even reach them DCS (collection agency) contacted me. Now I have told them that I would like to begin making payments but with my other debts that I am trying to honor being added on to monthly expenses, the old payment on the equity loan (250/mo) is pretty tough to manage. Is it possible to negotiate with these people? They offered a settlement of 13k on the 20k loan but I dont have that kind of money. I had actually hoped to go through the same company I had the loan with perhaps get it back in good standing in hopes that it would eventually help me to recover my credit status after being rocked by the foreclosure. any thoughts? I want to avoid bankruptcy, heck I think after I get my taxes back it would put me over the Median income for my small family of just my son and I anyway. Not sure what to think about chapter 13 either.
Update….Debt consolidation loans are out of the question due to lack of credit score. The debt is not credit card debt though it seems like everyone wants to help people out of credit card trouble. It’s utilities, a couple business debts and the dang equity loan. I need a dependable car and have to use the income tax to buy one. If I buy a decent used car I can lose it to bankruptcy, if I go chapter 13 it seems like I have to live how the court tells me to live and would have no money beyond living expense and with a 9 year old child to raise that is impossible.

I purchased a bike at a Honda dealership and they had me apply for a Honda card. I recently filed bankruptcy and all of a sudden a lien has been placed on the title. It is like a JC Penny’s card yet they put a lien on my title? My wife called the DMV a month ago and there was no lien. I used to be in the insurance business and normally they would have required me to carry full coverage but I was only required to carry liability. The DMV said that they assumed that Honda (GE Money Bank) had the lien all along but that isn’t true. I lost the title but when I bought the bike it HAD NO LIEN. It seems the GE is breaking the law. Heck, with the interest I paid for 5 years I already should have owned the bike. My Chapter 7 court is in a few days. What can I do? I fell like they have done something illegal and that the whole "card" thing was to get me to pay higher interest than Arkansas allows. I need this bike for transportation.

Read below.. thoughts?

College is worthless, and the average person has no common sense

Unless you major in law, med, finance, or computers…there really is no point to college.

Heck, even computers you dont really need much education. These hackers who, well, hack…most of them never went to college, they just play with computers all day and theyre SMARTER than the people who work for the government with Masters! The government guys make anti-hacking software, then the hackers always find ways to get through it! So….do you really need college for computers either?

Or law, all you need is common sense to be a lawyer, and most lawyers dont have common sense. The law these days is a joke, a 17 year old guy goes to jail for 10 years for getting head by a 15 year old girl??? Innocent people go to jail all the time, innocent people get executed. Lawyers only defend you because you’re paying them too. If the other guy paid your lawyer double to go against you, he’d do it. And bankruptcy lawyers…do I even need to explain? If you wanna file for bankruptcy, you have no money! So why do they charge you 00 to file?

Business, do you really need a Masters to know how to manage a business, when there are people who barely graduated high school and own their own business? Finance…do you really need a Bachelors to know how to manage money?

So many people are going to graduate college, forget everything they learned, and decide to change their career paths. So many people opt to go to graduate school, get their masters, PhD….for what? When you graduate, you’re gonna have so much money in college debt to payoff, and unless you majored in law, med, or computers, u probably wont make anywhere near enough to pay it off. You’ll end up working 9-5, Monday through Friday sitting at a desk all day, and then go home and be to stressed to do anything. And on Fridays, you’ll get drunk off your ass because that’s all you know how to do.

Look at the amount of people being laid off. 3 million were laid off last year, and of those 3 million, i guarantee at least half had college degrees, maybe Masters, PhDs. NOW those people are fighting to work at places like mcdonalds. Theres no such thing as job security, NO SUCH THING. Within 20 years, when all these immigrants who cant speak English, start to speak better english, theyll take your jobs. Those people work 100x as hard as you do, and will do YOUR job for HALF of what you make, AND be 100x more productive.

The majority of these jobs, all you need is a month of on-the-job training, and you’re set. These hispanics who cant even speak English, go and cut someones lawn and make 30 dollars for the 45 minutes it takes them to cut it. Meanwhile, you’re making 25 an hour to sit at a computer wearing a suit and tie for 40-60 hours a week.

In this economy…you all think its BAD to live at home??? Quit dissing people who live at home, theyre SAVING their money.

Companies want you to think they wont hire you unless you go to college and study a bunch of courses you’ll never need. Sara graduated with a 99%, and Joe graduated with a 72%, and they both got the same degree, whats the difference? No employer is ever going to ask for your grades, and they also wont ever call your college to make sure you graduated. Ive seen ads for jobs that a monkey could do, and the company says "must have a BA in…", and im like "why?!…a monkey could do that!". They think that by going to college, you become a better all around person…when in reality, you probably become an alcoholic and party slut or party jerk. My cousin is married to a girl with a Doctorate, and shes had 6 reckless driving tickets in the past 7 years, and all she talks about is how her and her lawyer friends get together and get smashed…..wow, smart people.

You the employees are much more superior than your bosses. Theres 2-3 bosses, and 4000 employees, so who do you think would win in an argument? If you want a pay raise and you’re sick of kissing ass, simply STOP WORKING and go on strike til you’re CEO decides to give you a pay raise. Why is it that airline pilots, lawyers, doctors all go on strike to get higher pay raises (yet they make ENOUGH), yet the people who make shit money, never go on strike? Continue kissing ass, hating your job, and not standing up for yourself and i promise you, you’ll suffer for life. EVERYWHERE i go, 80% of people HATE their jobs and job life. Thats sad. Ok actually, they LOVE their jobs…when its 5pm and theyre ready to leave, lol. But when its 6am and they gotta get up, they HATE it. When its payday, they LOVE it. When its the weekend, they LOVE it. But during the work day, they hate it.

Supervisors, bosses, executives, managers, etc…are full of crap. I used to have a job where I worked at 7am, and one time I had to work at 4am. My boss complained that I wasnt doing much and being too quiet and lazy……at 4am. Hmm, I wonder why someone would seem lazy a
at 4am?! I mean, were these bosses born yesterday? ITS 4AM!!

One thing thats pathetic about employers, is they expect hard work for little pay. In high school I made .50 an hour at UPS, .50 an hour at an ice cream shop. I also made an hour at a grocery store, and all 3 jobs expected me to work like a dog. ….for how much per hour? No, you get what you pay for! If you want an HVAC technician to come install a new system in your house, and he offers to do it for 0, you WONT get a good system. Same goes with people. You DO NOT pay someone .50 an hour and expect hard work. YOU.GET.WHAT.YOU.PAY.FOR. Another thing thats funny is, companies expect you to give them 2 weeks notice before you quit…YET, if they fire you, they dont give you ANY notice, and your finances will be ruined. If you just leave, they’ll replace you in a day.

You wanna know why so many of you work too much? Because you’re materialistic. You have to have the top of the line car, the best apartment, you part
you party constantly, you gotta have the best HDTV, or spend 9 dollars on a drink….wtf?!

Book smarts will only take you so far. Street smarts is what you need to survive life. And common sense. Most people ive learned, have none of that.

All a degree says is, you went to college and took courses you’ll never need, and spent the money which youll now need to pay back…and ur job doesnt pay enough to let you pay it off comfortably. (Especially if you go to GW and pay 65K a year). Go look up online, the best doctors and lawyers in this country, they didnt go to Harvard, Yale, or Princeton.

Companies dont lay off workers because theyre losing money, they lay off workers because the CEO is making 2 million instead of 20 million, and that makes him sad.

Most of Congress has decided that bailing them out is not worthwhile because it won’t work anyway and they’ll just need more money in a matter of months. I agree with this. Some in Congress point out that a car company cannot survive in bankruptcy because need for parts and service are on-going and who the heck is going to buy a car from a bankrupt company (unless the car is sold well undervalue)? I think that’s also correct. So here’s what I think is the only real solution: All 3 should merge and form one company which, of course, will mean lay-offs, but not nearly as bad as the alternative. This single company would still be competing against foreign auto makers, so there are no worries about a monopoly.

Does anyone else agree with me? If not, what do you see as the alternative? Remember — letting these companies go out of business means 2 – 3 million workers losing their jobs.
Please offer the alternative to what I’m suggesting and why yours is a good idea.
Dewey, I agree, but in the meantime these 3 auto makers are on the verge of going out of business. The CEOs of GM and Ford told Congress their companies would be out of business within a year unless they received a bail-out — which they didn’t receive. Don’t even get me started about their corporate jets — what a disgrace!