Business Bankruptcy Law | Small Business Bankruptcy Laws

This is a somewhat serious question – I’m not a religious believer at all, but there is a skating rink near my town which has gone into bankruptcy. According to the architect I consulted, the rink could be converted into a small arena that seats up to 1,800 people, and about 1,000 more if we tear off the roof and add an additional seating deck.

This would be a pretty good venue for a megachurch. It has a decent location near a freeway close to a major metro area.

If I declare myself a nondenominational "pastor" and open up this place with an advertising blitz and lots of "community events" like chaperoned dances and religious-themed film showings, I bet I could attract an instant flock. I’m a very good public speaker; I’d just need to concoct some religious stuff to preach.

My ministry would be very non-doctrinal, and would focus on vague messages of spirituality and unity. My books would contain general life and financial advice with only a slight Christian edge, and most of that would be of the "inspirational" (and not a doctrinal) sort.

I think this is the future of religion in America. People don’t like harsh doctrines; they want easy messages of hope. The whole "prosperity gospel" thing feels a bit fake; my gospel would include prosperity but would mostly focus on simple messages of personal inspiration. I’ve already studied some of the psychology behind this stuff.

Anyhow, should I take the plunge and buy this skating rink, or what? It smells like a good business opportunity to me. Also, what sorts of gospel do YOU think people will want to hear in the future? What kind of ministry would make the most money in the shortest period of time?

My husband has excellent credit score (816) and has never file bankruptcy, never had debt nor has made late payments on any of our bills. He’s been self-employed for 13 longs years. We have a good ,000+ in liquid assets (savings, checking, mutual funds, stocks, etc…). We applied for a loan last week because we’ve been preparing for this moment for a loooong time, and we have finally decided to take the plunge to buy our very first home (a townhouse in Maryland). Basing on the current interest rates and the amount of the house we’re planning on purchasing, our would-be monthly mortgage would even be less than what we’re paying for now on rent (which we have never been late on either). This morning, we received a very disappointing news from the lender saying that we do not qualify for the loan. We’ve been more responsible than the majority of the population who are buying a house now. Just because my husband has a Form 1044 instead of W-2, he was denied. All of the assets and excellent credit standing have been set aside. Is it fair?–NO!!

So, we’re now beginning to wonder how we could ever qualify for a loan? My husband is not willing to give up his own small business and change his lifestyle to be able to get a W-2 and own a home. But it’s very discouraging. Can someone shed us some light on this? Is there a particular lender that’s liscenced in the state of Maryland to work with Self-Employed borrowers?
Being self-employed means you can write off a lot of your properties that you use towards your business. Obviously, the deductions make him look like he’s not earning enough even if we still have enough left after all our monthly bills and rent. We were told that it depends on the lender who’s willing to give work with self-employed borrowers.

It is not Socialism, don’t let anybody mislead you folks. In this time and era, seeing our economy plunge there is only one way out. When even the big and rich corporates are going bankruptcy there will be no hope for small businesses and middle class life. It is a fact. So, I don’t think there is anything wrong to bail out the poor first, so they can have a chance to start their life too. This is how small businesses start, borrowing a loan either from a bank or credit union. The only difference is, this time this small business starters will get that money from the Fed, by taxing the MULTI-BILLION DOLLAR corporates to fund small businesses. Everyone is a winner.

What do you think?
The International Rescue Committee already offers such a program, and it is so effective that it helps refugees start their own businesses.
This question is a question regarding corporate taxation, not personal taxation to fund others.

Don’t get it mixed it up.