Archive for September, 2008
Monday, September 29th, 2008
We financed our business (incorporated) inventory purchases using our credit cards over the last 5 years. We are now realizing that the business isn`t viable and have a large amount of credit card debt. We want declare personal bankruptcy and start a new sole proprietorship and use the inventory from the existing business. The corporation has been paying the credit card minimum payments to pay back the `loan`.
Question: Who owns the inventory that was purchased by credit card? Would the inventory be considered an asset of the person (and attached to the bankruptcy) or would it be considered to be like a secured loan to the company, meaning that we could take it back in repayment
There is $80,000 in credit card debt and $50,000 in inventory.
Posted from: British Columbia
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Monday, September 29th, 2008
Millions of people have been shut out of the bankruptcy courts since the laws were changed in 2005. Bankruptcy filings in 2006 were one-third of the number filed in 2005. Filings have been on the rise again in 2008 because of the horrible economic conditions we are seeing, but if not for the law change, we would probably approach twice the number that filed in 2005.
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Monday, September 29th, 2008
If you are considering going bankrupt, then you are obviously in a very serious debt situation. Bankruptcy may not be the best solution for you, so it is very important to consider the alternatives and get qualified debt advice. What are the Consequences of Going Bankrupt In the UK, the consequences for bankrupts are quite severe.
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Monday, September 29th, 2008
They say that the average US Citizen only has enough money in savings for an average of 4-5 weeks with no income. If the money stops coming in they are financially bankrupt. That includes the balances on their credit cards and any home equity lines of credit, which these days are almost non-existent. Just imagine losing your job at a time like this, and many Americans are due to hard economic times and large corporations trimming jobs and announcing huge lay-offs.
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Monday, September 29th, 2008
Today more than ever the citizens are in dire straights, as the mortgage crisis continues folks are worried about losing their homes, of course, they have also been charging their lifestyle via their credit cards at 22%. The price of food and gasoline have skyrocketed and with the economy on a negative growth to zero growth space on the charts business is slow, meaning more lay-offs and job losses.
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Monday, September 29th, 2008
Depending on eligibility, an employee can choose to have superannuation placed into a self-managed fund instead of relying on the employer to make the best decision that conforms to the employee’s personal decides. An employer’s choice of where the funds go can be suitable to individual employees, but in many cases, it may be more suitable to the employer or the entire group of employees as a whole.
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Monday, September 29th, 2008
I have a chequeing account which has my mothers and I names on it. The reason for her name was because several years back I was hospitalized and had her name put on the account to look after my bills. Will this affect her in anyway?
Posted from: Nova Scotia
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Monday, September 29th, 2008
Have you noticed that more and more commercials are on the radio and local cable television show for bankruptcy lawyers? It is because there are quite a few Americans considering it right now. Bankruptcy Lawyers are busy again. Of course, not all of them are advertising these days on the TV and radio, as many of them have lines of people outside the doors and stacks of folks on waiting lists for appointments and that is really too bad.
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Monday, September 29th, 2008
House passes the Credit Cardholders Bill Of Rights Act, which is intended to reduce heavy credit card fees and charges. Next step is the Senate, where its future is uncertain.
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Monday, September 29th, 2008
I am toying with the idea, But not sure. I make about $3200 monthly and owe over $18000 to credit cards ca loans and personal loans. I can`t keep up with the payments or phone calls and my car is about to get repossessed. If I make this kind of $ how much of this do I have to pay out per month and or what is the fees fo filling.
thanks
Posted from: New Brunswick
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