Dead-DEAD-DEAD

[petrified]

Not sure you are correct

DMW,

You say that "trustee will control your business" - this is only true if you file Business bankruptcy. You will be filing PERSONAL bankruptcy.

Yes, matters related to your business will be included in the bankruptcy proceedings, but it is not as bad as you are expecting.

I also owned a corporation and am in the tail end of a personal bankruptcy (chapter 7).

I am sorry that you are going through this, I know how extremely devastating and painful this process is. But trust me, this part is the worst. The fear of it is what is so traumatic but once you start the process you will find it to not be near as painful as you are fearing.

Go see a bankruptcy attorney ASAP. (actually, visit with 3 or 4). This will help you to create a plan of action. You need to treat this as if it is a business deal. It is entirely possible that you will keep a lot more than you think you will.

Before you do anything with your assets, go see an attorney!

That manager will get what he deserves! Trusting people in business is incredibly difficult (I know, I trusted people who ended up hurting me also).

Try to get some rest. See some attorneys.

This too shall pass.

P

[JollyGG]

I have been hit very hard-you are correct on that. Mental health, doctors, it simply isn't in the budget. I am fighting with all my energy, and exhausted reserves to HANG ON. I am certain this is nothing new on this board, but it IS new to ME.

Many many mental health professionals work on a sliding fee scale. Call a few up and see what they may be able to do for you. Also talk to your normal doctor. They can help to a certain extent. Do you have health insurance?

It sounds like you deffinately should be talking to a counselor. Chronic pain is well know to cause depression. Additionally, you are dealing with carreer issues, a divorce, and financial problems. I'm not sure you can afford to not see someone. Perhaps you can get connected to someone who can help through community recourses or your church.

Please find some help and someone to talk to.

[wrinkleigh]

DMW

PLease hang in there, take a step back and breathe.

Even if it is your income that dropped, I seriously doubt you ran up every singe credit card bill by yourself, she does have some responsibility. Dont bear it alone.

Be careful, and dont transfer assets to your wife if you are considering filing. That could likely be viewed as hiding assets. Also, if you go through your divorce, and you are deemed responsible for paying a debt as a part of the divorce decree, that debt becomes non-dischargeable, even credit card debt. I get the sense you would do anything for your wife, but you seriously need to throw those emotions out the window and view this as a business transaction. Dont just agree to anything she wants. Again, you didnt create these debts by yourself, so dont agree to be responsible for paying them all back. You also dont want to give her the money from your 401K, as that is an exempt asset, dont touch it. If you withdraw it, not only will you will be hit with penalties, but the trustee would most likely go after her for it anyway.

Also, you will be filing for personal bankruptcy, not business. I realize you may have some tangeable assets, such as equipment. But remember when filing, that your equipment needs to be valued at yard sale prices, which is probably only 1/4 (or less) of what you would normally value it at. So, worst case senario -- you value it and buy it back for practically nothing.

The fact that your business is YOU also works in your favor, because "you" dont have any tangeable assets to seize. The trustee wont take over your business, they will simply see if there are any assets that you have that are worth anything, since they cant seize YOU, you dont have anything to worry about. You will keep operating as normal.


We are all here for you, please come vent to us whenever you need to. Please stop beating yourself up about this, life happens. It is not pleasant, but I guarantee you will make it through, if you take it day by day and deal with things as they come, good and bad.

[robivi3]

Damned, I live in SoFla, this isn't New York. We don't have "Studios" per se. If we do they are VERY Chique and very expensive. My wife and I have been averaging around 102k per year together. That is nothing down here.

Frank probably doesn't live here and doesn't understand what has happened Tax and Insurance wise down here. When you talk to folks in other states they don't understand. That damnned "Studio" may cost more than the house to rent. The owners Insurance may be quadruple yours. A good friend from Tennessee has a a one bedroom condo in Pompano, not a great area, not a bad area, just for vacations, it is not fancy. His Insurance payment went from 900.00 to 11000.00 per year. That is typical down here and many of us are paying upwards of 7000.00 per year so renting can be horribly expensive if an owner lives in a typical older building. He owns a Real Estate Business, he is keeping the place.

I am also stuck with my Mortgage payment high because of the Insurance. I have to work OT right now. I can't move because if I do my property taxes will be quadruple what i pay now and rents are higher than that down here. I understand your situation brother, talk to me, talk to others here.

remember we have Hurricanes here, our Insurance rates have gone up from double (minimum) to ten times depending on location, if yau are East of I-95 look to pay around $11,000.00 per year for a regular home 2/2 or 3/2 just for Insurance. That home will be over 300k in ANY neighborhood right now, prices here are still holding in that range. The taxes will be around 6-8k. East odf I95 you are required to carry two policies, one for wind and one for the regular, booth include wind and are outrageous. Now if you wish to move your property taxes will be for the place you buy, your rates can only increase 3% a year while in your house, but MOVE and they go to rate of the place you buy. In other words from 1600.00 in my case to around 8k for an equal home, not an upgrade. I sympathize and understand why that "Studio" scenario likely wouldn't work. there is no cheap housing down here. The owner of that "Studio" is paying tax and Ins. costs that he passes on to you and if that "Studio" is in a decent neighborhood it is older, not up to code and and the rent is outrageous. No one builds "Studios" here, most cities will not allow them. There are requirements here on minimum/maximum bed to bath etc... Studios are non-existant. Rent an Apt here in Sunrise, better to pay 2k for a mortgage, and this is not a fancy area.

There is a healthy percentage of guys at work in similar circumstance. Thye didn't buy lavish homes, at 380k yours is nice, not lavish I can assure you, probably in Cooper City or Plantation area. Nice Middle Class. that is about the price area. The Insurance and all is killing them. I understand you plight more than you can imagine. My Escrow, gosh, it is nearly the mortgage payment.

Yeah you could buy a home in Liberty City for 200k and have thirty locks on your doors and live in a prison but damned, then your taxes will be more than that 380k home and because it's not up to code the Insurance will be around 10k per year. I understand, however you will survive this. Keep talking, we'll hget you through it.

[Runnin on empty]

DMW,

Hang in there. I really think you should do whatever it takes to see a doctor about your depression. I know, I suffer from it myself. I kept denying it for so long, and it has taken a huge toll on my health and finances.

Most states/counties have free clinics of some type that you can go to. There has to be something you can look into. You can't afford not to (no pun intended).

One thing I've learned in this mess I've created is that nothing is worth your health.