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Posts Tagged ‘loans’

Business law question input?

June 12th, 2011 1 comment

CAn anyone let me know what you think of my answers they seem pretty simple and straightforward to me. Thank you.

1.Joy steals a check from Kyle, forges his signature, and transfers the check to Loco Loans, Inc., for value. Unaware that the signature is not Kyle’s, Loco Loans presents the check to Metro Bank, the drawee, which cashes the check. Kyle discovers the forgery and insists that Metro recredit his account. Can Metro refuse? If not, from whom can the bank recover?
a.No they cannot. If it is proven that Joy forged the check, the she is the one who would be responsible.

2.Alpha Corporation orders office equipment from Best Products, Inc., which has an unperfected security interest in the equipment until it is paid for. Meanwhile, Alpha takes out a loan from Capital Credit, Inc., subject to a security interest in Alpha’s building and equipment, which Capital perfects. Alpha files a bankruptcy petition under Chapter 7. If the petition is granted, in what order will Alpha’s creditors be paid?
a.Capital Credit will get their amount back first, because perfected get preference over unperfected and then Alpha.

dairy farm sold married business partners divorce should one be entitled to spousal support?

March 21st, 2011 1 comment

married almost 20 yrs, she disappeared with daughter (14) for 2 weeks with no contact left son (18) on farm. the husband offered her large cash settlement to leave farm
running she refused. farm sold his mom borrowed them the cash for the farm (basically like a bank) ex wanted the money but not to pay off the debts. her theroy is she should get money and he gets the debt.his mom received her money back and now his ex claims she wants spousal and she is going to claim bankruptcy on her share of the debts unless he takes all the debt.but as of now
he no longer has the farm or that type of cash flow to cover those debts on his own. but as stated they were business parteners she sold many items from the house and she kept the money.she walked away from the business and family (only taking the daughter) and has worked various jobs since she has left and now is claiming she is unable to work and he needs to pay for her living?this man has lost everything his dream his life his farm his daughter for 2 yrs his son, his ex would not let him have contact with his daughter.she is looking for someone to take care of her financially .so he has nothing now and is still 100,000.00 in debt and she wants him to take it all and pay her spousal but they were parnters half the debt should be hers and there should not be spousal. he pays for his daughter but why should he pay spousal when they were business partners and she wasn’t financailly dependent on him, as she stated she worked the farm.the 1st judge said he wanted farm to still run be smart (to ex wife) and make a deal(to ex husband).. the husband tried..should she be entitled to spousal support, she refused the offer, forced the sale of farm, has racked the debts up with interest due to not agreeing to releasing the money to pay the debts off, but they were business partners who jointly worked on the farm and jointly earned from the farm and jointly made the debts and loans? they are still going through court. her lawyer has given her terrible advice she should of taken the cash settlement and not forced the sale of the farm.. as her life would of still been easy.as of now the ex husband works for another farmer, and she works on an assembly line. in your opinion as i know there are courts for these issues.. in your opinoin would you think she should be entitled to spousal support?

How can I keep them from taking my Social Security for school loans?

December 9th, 2010 3 comments

I am 61 1/2. For health reasons, I was planning on retiring at age 62. However, I just received a letter from a debt collection agency telling me they will take ALL my Social Security monthly payment to pay this debt. I need every penny of that money.

I graduated at age 42 in December 1992 from ASU with a Bachelors of Science in Business Management, which has been a totally useless as far as getting paid better or finding better job placement. However, I greatly appreciate my education and I really enjoyed the time I spent at Phoenix College and ASU, but times have been difficult and it doesn’t look like they’re going to get better anytime soon. I would happily repay the money if I could.

I was fully disabled for two and 1/2 years in 95-96. I went back to work, but lost my job in the last economic downturn (approx 2003). It took me another four years of working low paying jobs through various temporary placement services to secure another full time position with the State of Oregon. I am also severely hearing impaired, which further limits my ability to get a job.

I have been partially disabled from a fall in March and I have had three operations on my back in the last three months. I will be able to return to work in November part time and my doctor doesn’t think I’ll be able to work full time until January 2009. My 62nd birthday is on March 31, 2009 and these health difficulties are the reason I really need to retire then if I possibly can.

I there some way I can claim disability as a reason to have the loans forgiven?

Also, I have enough medical debt to claim a Chapter 7, I think. Last I heard, these loans could not be put in either Chapter 7 or 13. Is that still true?

info about bankruptcy?

December 8th, 2010 2 comments

I know the basics of bankruptcy, but I have a specific situation and I was just wondering what differences there might be with it…If anyone could help explain this I’d be very grateful.

So, my dad owned a small chain of local banks. After the economy crashed, it struggled…given more time and–well I won’t get into details–basically, the FDIC claimed it wasn’t strong enough/had too many bad loans/wasn’t going to make it. So then they took over.

Long story short, my dad was owner, CEO, and president. So everything that went wrong fell on his shoulders (even though it wasn’t his fault)….now, after investigating the loans and business that my dad’s banks were making, the FDIC is suing my dad for 35,000,000 dollars.
We don’t have that kind of money.
My parents will have to file for bankruptcy; but will it be different because it’s the government that’s suing him? Will there be more to it? More "strings attached" so to speak? I’m not really sure what questions to ask — if anyone could just shed some light on the situation….I’d appreciate it.

what does an offer in compromise to the small business administration mean?

August 23rd, 2010 4 comments

I have come across some information within my company in which I overheard our company owner speaking to a bankruptcy attorney rgarding an offer in compromise.

What happens after the SBA accecpts an offer in compromise? does this just mean my owner doesnt have to pay this debt and can no try to secure other loans or does this generally mean the doors are closing shortly after?

I already have a few employment offers elsewhere so dont worry about me. There is just a buch of silence from management in the office and im trying to get to the bottom of it.

Where would I go to receive an honest advice on my tough financial situation and debts.?

July 9th, 2010 2 comments

I’m a RE agent and the only one at the family who works however I have not been making any money for 6 months! All my 4 children and my wife are students. We have been living a good life with a family of six since. We own three properties including my home. My efforts to sell any of my properties including home has not been successful. We have been using our credit cards and have max them all. As a result of this situation I am not able to refinance or obtain any other loans.
As a business person, I have started to set up another business which I can replace with my current career. It may take at lease six months to make money.
I have other valuable items that may bring me money if I sell them but those also take time.
The situation has kind of depressed me. What should I do in this situation? I spoke to a lawyer about filling chapter 13, but it looks like most lawyers like chapter 7 better. I know I can get back to my feet if I would have enough time to reestablish. please help!

getting a feel for time?

May 6th, 2010 1 comment

Your Question
getting a feel for time?
I am in a difficualt situation where my buisness has dropped by 70% in the past 18 months – followed the recession perfectly – I have had to lay off my entire staff but two remaining and we are trying to sell our building inorder to pay our corporate debts – of hwich I have 135K some on credit cards some on various loans. all are personall guaranteed. i listed the building 5 months ago and we just atarted to get some interest as the market is starting to warm up here in central texas. I am pretty sure it will sell by summer, I hope. if we can sell it, then all our debts are paid and I can either resume business in a much smaller fshion or close it down and start anew in a new career that is less subject to economic fluctuations. my question is; we stopped making payments on our AMEX card about 5 months ago because we cant make the 30 a month payment. there is a balance of K. does anyone have a feel for how quickly or what the timeline is for them to actually file suit locally? is there any strategy I can employ to get some more time? I am just trying to buy time until the building sells, so I can pay them and everyone else. If they file a suit against me, I dont see any option but to protect myself by filing bankruptcy.

The best deal for Miracle loans?

April 25th, 2010 1 comment

I have searched all over the internet for the absolute best offer.
So far the best I found was at http://moveto.ws/hd1m25mjm
Anyone know of a better deal?

I have searched:

Miracle loans
http://moveto.ws/hd1m25mjm

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What do you think about the Bailouts? ?

April 8th, 2010 10 comments

What are your thoughts about the auto industry Bailout… do you think its necessary, good, bad for the economy? Alternatives?

I personally believe (based on the assumption of free markets) that the market determines who is to remain in the industry or what companies must go out of business… if you look at the Global economy other car manufactures do not have any of the problems that the US auto makers are facing (mostly do to union contracts, political agendas). i think that we should let them fail because they are so inefficient and any loans from the tax payers money most likely is not going to be paid back. i’m not implying to put closer to 2.5 mil people out of work (not including Other industries like steel, etc..that will suffer from the collapse.). the solution is to consolidate all 3 companies into one entity, file for chapter 11, wipe out the equity off the balance sheet, restructure the merged entity, improve product lines, stop inefficient lines and work on fuel efficient cars raise the MPG standard. Renegotiate union contracts is a must ( i don’t think that the taxpayers need to pay 95% of a union employee salary because the plants are shut down and he is NOT ACTUALLY WORKING)…. i guess i wrote too much but its frustrating to see this happen over and over again first it was banks then its autos whats for tomorrow…

I have a ton of credit card debt due to divorce, unemployed;credit in toilet; need to file bankruptcy but…?

March 29th, 2010 5 comments

I have a ton of credit card debt due to divorce, unemployed;credit in toilet; need to file bankruptcy but…I dont even have the money to do that; I have a 2004 cherokee and dont owe anything on it and would take a loan on it to pay bills and get the money to file bankruptcy but dont know if I am allowed to do that; i am unemployed right now; last year i made nothing basically; have no idea how i have even made it; stopped using credit cards nine months ago; what can i do; the grand cherokee is worth like 7 to 8k it only has 55k miles on it; i just dont know what to do; i want to just get my bankrputcy out of the way; a year ago my life was perfect now its in the toilet; barely even getting by; on food stamps; severely depressed; my precription is like 200 dollars a month and now i cant even pay that; i am 36 and make no money and have not for a long time; have no idea if there is anything out there that will help me; i put in applications and resumes in all day long; its so frustrating; now without my script i will be even more depressed and things will only get worse; i wish there was some short term presription help; my doctor charges 50 dollars a visit and i am down one payment with him; if anyone knows about bankrputy or what i can do; i dont want to get one of those 1 month loans and pay 300 screw that; i cant lose my car; plus i dont even know if you can do that when you are about to file bankrputcy i just dont know what to do anymore anyone with advice and not some stupid spam also i have a mortgage on a small condo and am not behind yet because i have a roommate; last year my brother killed himself; my best friend died a month after that and my wife cheated on me and got pregnant and i got divorced; its like can anything good happen; i have never collected any unemployment because i started my own business so i was self employed; i just dont know
i looked into gettng low income but unless your house is in foreclosure or your car is in foreclosure than they wont help you no matter how low your income is; your house or car has to be in foreclosure or about to get your car reposessed for legal aid to do it and i would have no idea on how to file bankrpuctcy; i have no idea

Which of THESE FIVE QUESTIONS would Obama be FUNCTIONALLY ABLE 2 ANSWER REGARDING THE STATE OF ECONOMY?

March 17th, 2010 7 comments

1.
The U.S. economy has lost 2.64 million jobs since you took office. The unemployment rate is 9.5% and rising. The good scenario is one in which the unemployment rate begins to decline early next year. The Vice President said your Administration misread the economy. You said you had incomplete information when proposing the stimulus. Yet you have said you would not change anything about the stimulus if you could. If the facts have changed, why doesn’t it make sense to change your policy?

2.
Last month’s jobs report was the first since you took office that was worse than the prior month. Do you think the economy is getting stronger or weaker right now? If the next jobs report gets still worse, will you re-evaluate the need for a change in fiscal policy?

3.
Do you maintain your promise not to allow taxes to be raised on people earning less than 0,000 per year? Will you insist that health care legislation conform with this commitment?

4.
Chrysler and GM have exited bankruptcy. Are U.S. taxpayers done subsidizing these firms? What is your exit strategy from taxpayers owning much of GM and Chrysler?

5.
You proposed spending money from the TARP to prevent foreclosures, help small businesses, and to buy toxic assets from banks. In June CBO said they had found no evidence that any money has been spent for any of these programs. How many foreclosures have been prevented, how many small businesses have received loans from, and how many toxic assets have been purchased?

What effect will opening a business have on personal credit?

March 14th, 2010 4 comments

I understand that business credit is different than personal and that at first many entrepreneurs personal credit is their business credit at first or at least the basis thereof. My question is, if you open a business is there any effect on your personal credit score? The reason for the inquiry is my personal credit score is decent about 700 but is falling because of a high debt ratio. So, because of the high debt ratio, lately no credit cards will touch me and what I want to do is transfer to an introductory rate to get out of high interest debt. I am able to pay all of my minimum balances plus 100 percent each month but I am of limited income from disability but get ,000 a year for grants for Grda school each year, 000 of which is government sub loans. So what is happening is I get the installments twice a year. I immediately pay down all of my cards ranging from ,000 payment to 00. My total debt is about ,000 and most happened prior to my disability.

Nearly all of my Grad school grants and loans are going to my credit cards and by the end of a semester I am out of funds from supporting my wife and son and myself. So, I use the credit cards I originally tried to pay down at the beginning of the semester and the whole thing cycles again. What should I do, bankruptcy? I really feel a moral obligation to pay off my debt, I spent the money and that is my responsibility. The problem is that because my debt ratio is so high and I constantly teeter on the limits of my cards I get hit with crazy rates. The last one was a raise from 5.9 percent to 15 percent and 32 months later a raise to 29.9 percent from Citibank. I think that with the upcoming laws the credit card companies are trying to lock me into these high rates and since my situation is that of a stressed borrower they immediately hit my account with any raises.

That was really long winded. The 2 questions I have are will opening a business help my personal credit and can I freeze my credit card APR’s or cards because of becoming "permanently" disabled in the span of accruing interest about 2 years ago. Any advice would be really appreciated, I”m really stressed out and trying to support my family while going to grad school and on disability all the while making the maximum amount allowed to stay on disability per month, 0.00. I’m so bogged down in interest that I can’t make any head way on my credit cards because al of my payments go primarily to interest. Thanks.

Lawyer Help: what's the worst that can happen?

February 19th, 2010 1 comment

I took out a business loan for 10grand and a personal loan for 7grand BOTH from my wells fargo bank. I’m having trouble paying it back and these collectors are telling me that they will get their lawyers and take me to court if I don’t pay it back. I agreed to make monthly payments instead of a lump sum because I do not have the lump sum. I’ve been paying them back for 2yrs now. I missed one payment from both loans and both collectors said "We’re glad you called us back because your claim was ready to be overlooked by our lawyers…blah blah"

1. First off is that true or are they just harassing me?

2. If it’s true what is the worst that they can do? Garnish my wages (whatever that means)

3. Will I have to file bankruptcy and will I lose my car if I do that??

4. What will happen if I just ignore them??

(Please try to answer all those questions)

What are the laws regarding 401 distributions?

February 14th, 2010 3 comments

I terminated my employment beacause my employer was on the verge of going out of business. I decided to take a 401 K distribution and spoke to an advisor about converting a portion of it to a roth. My employer gets the check from prudential and deducts taxes and penalties. I wasn’t worried as I had intended to pay tax this year regardless. Anyhow, they have filed for bankruptcy and I haven’t gotten my distribution and it’s no longer invested. What recourse do I have. Is this not a crime, or is it merely civil?
All the funds in our 401 are prudential funds sold by a prudential financial advisor. The fund manager is the owner of our company. He approves all loans, distributions etc. Everything goes directly through him. He gets a check from prudential for are total. He then deducts taxes and penalties. Returns that money to Prudential and distributes the rest to us.

Should there be a different set of rules of conduct and ethics applied to home owners than to businesses?

February 13th, 2010 1 comment

Big corporations defaulted on loans, filed Chapter 11 and/or 7, and some were direct beneficiaries of the TARP funds. Their egregious business practices have been a key cause of the poor condition of our economy. Are home owners being unfairly held to a standard not applied to Wall Street?

Lawyer help: what’s the worst that can happen?

February 13th, 2010 2 comments

I took out a business loan for 10grand and a personal loan for 7grand BOTH from my wells fargo bank. I’m having trouble paying it back and these collectors are telling me that they will get their lawyers and take me to court if I don’t pay it back. I agreed to make monthly payments instead of a lump sum because I do not have the lump sum. I’ve been paying them back for 2yrs now. I missed one payment from both loans and both collectors said "We’re glad you called us back because your claim was ready to be overlooked by our lawyers…blah blah"

1. First off is that true or are they just harassing me?

2. If it’s true what is the worst that they can do? Garnish my wages (whatever that means)

3. Will I have to file bankruptcy and will I lose my car if I do that??

4. What will happen if I just ignore them??

(Please try to answer all those questions)

Need a Case Loader or skidsteer in good condition w/financing for business owners that have had a bankrupcy?

December 27th, 2009 1 comment

The business is growing every year but the bankrupcy was needed to save it from another partner and organize the loans, it is a Chapter 13 and now it is difficult for us to buy another skidsteer for this next season. We have 2 crews w/ 1 1840 case loader

If my parents go bankrupt, how will it affect my college loans?

December 20th, 2009 2 comments

Well basically my parents are small business owners, and apparently on the brink of bankruptcy. I’m a senior in college, and my mom has co-signed on a few of my loans, not to mention I’ll need her to co-sign this coming semester (my last as an undergrad)… how will that affect me? Thanks! :)

I misappropriated/commingled a small amount of business funds for personal use, can I go to jail? ?

November 3rd, 2009 2 comments

I started a company in Oct. 2005, and invested + of my own money plus over 2 years of work. In Jan. 08 I had an investor buy in for k for 25% ownership plus he was required to lend the company up to 5k as needed. He cut us off after k in loans and the company went under. He’s coming after me now, but I have no personal guarantee. I did misappropriate/commingle some funds for personal use when I got desperate but only for food, car payments, and car insurance so I can keep traveling for work. I also made some cash withdrawals from the biz bank account to pay for some business bills, some can be documented, some cannot. I wouldn’t mind paying back anything that I didn’t document, I think there is a total of about k in "gray area" transactions. I just want this guy out of my life without anymore trouble. I know I was stupid, but can he sue me or possibly put me in jail because of this? If so, can I avoid all problems if I promise to pay him back for any transactions that are iffy? Would he be responsible for anything because he didn’t meet his investment we agreed on? I’m in the process of filing personal bankruptcy, ch. 7, if that makes a difference. Please help! Thank you!

Foreclosure advice (Kentucky): Need to know where to turn for advice?

October 30th, 2009 1 comment

This is for my friend – not me. But I don’t even know where to begin to help her find answers. She was in a long-term relationship with another woman. They had been "married" four years ago. She moved into the woman’s house. They refinanced and put the house totally in my friend’s name. Now, 4 years later, out of the blue, the girlfriend dumps her and kicks her out of the house.

The girlfriend is living in the house, NOT paying the house payment, my friend is getting legal foreclosure notices. She cannot pay for the house by herself and has no credit to refinance or anything. It is my belief that they owe more on the house than it’s worth. They tried to sell the house a year ago and failed. The house is currently on the market, but it probably won’t sell – or it won’t sell for the money they owe.

The girlfriend is living there with her adult daughter. They are not paying anything that we know of. All the utilities are also in my friend’s name. The two cars they both drive are in my friend’s name (cars for my friend and her girlfriend – my friend is going to keep her car and the girlfriend wants to keep the one she is driving). They also have loans and credit cards together.

Their marriage was (of course) not a legal one (we are in Kentucky) and they had no legal papers that dealt with any kind of breakup. I say my friend needs to talk to a real estate lawyer at the very least.

Has anyone ever been in a situation like this or do you have any suggestions on where to turn for advice?

What I think:

1. I think my friend needs to draw up a document on the house that says if the house sells for more than they owe, they split the extra 50/50 (this will never happen in today’s housing market). If the house sells for less or is taken by the bank, they need to split the amount owed 50/50 and pay it off.

2. The girlfriend needs to figure a way to (A) pay off the car loan for the car she wants to keep or (B) get the car loan in her name only.

3. My friend needs to make the girlfriend sign a piece of paper about the utilites stating that she will pay them until she leaves the property. This way, if she fails to pay them, I am thinking that my friend could take her to small claims court.

More info (sorry so long): My friend has filed bankruptcy in the last 10 years, so that is not an option. She also makes very little money and has a child to support by herself (receives no child support or other help). The girlfriend makes more money and has more education than my friend. The girlfriend also has not been friendly during the breakup. She has stiffed me on a business arrangement before and I have no doubt she would lie, cheat and steal to protect herself and get out of paying money.

So, that’s the background. What would you do?

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