Localfund.com - All about Fund and Investment
*Home>>>Business Debt

Before bankruptcy purchases?


I need to file personal bankruptcy because of a failed business. My question is I live in Ohio I am going to be strapped financially for the next 4 years paying of outside business debt. My problem is my refrigerator died yesterday and everyone is telling me to purchase one 90 days before filing. I have never failed to pay a bill but I am unemployed and quite a while before I can ever regain financial freedom. I am at a loss what to do. Does anyone have any advice.

If you BORROW money for a new refrigerator when you know you will be filing bankruptcy, that is fraud. If you take the first answer's advice and BUY a used refrigerator for CASH, you should be fine. As long as you are not spending on items you don't need, the bankruptcy court knows you still have expenses.

Post an item wanted ad on craigslist for your refrigerator. Stress free or low cost due to failed business.

Go ahead and buy the fridge....You need it. I could be mistaken but depending on the type of business( you owned?) you may be able to include the debt in the bankruptcy as well. Hey,...It happens to a lot of us. It sucks, but sometimes there's just no way out.

Tags
  Capital Investment   Business Investment   Business financing   Business Invest   Business Debt   Bond Investment   Angel Funds   Alternative Investment
Related information
  • 1099C...for rental property that was sold in 2006?

    You should consult a tax professional.

    ...
  • Where can I source an investor/lender that will loan money against turnover rather than equity.$500,000 sort?

    I'm not exactly sure what you mean against turnover. If you have an investor you also will have either less owner equity or more debt. Either way I don't believe you are going to see the ...

  • LLC vs S-Corp Tax Basis and Tax implication?

    Your basic assumptions are correct except that this method cannot be used to distribute PROFITS from the business tax-free. Owners of both LLCs and S-corps are taxed currently on a flow-through ba...

  • Can you pick and choose debts to file for bankruptcy on?

    Yes,you can.I did it last year.Contact your local Attorney,they will answer all your question and help you.Good Luck

    ...
  • Financial restructuring?

    Capital gains and penalties are not going to be pretty. Do the math yourself, and see if it's a sound economic plan.

    ...
  • Debt Collector Notices?

    I am no expert here but if the debt is 2 years old then they have already reported you to the credit bureaus so the damage is done. As far as them not wanting to hear $20 a month tuff cookies. As l...

  • Acccounting question part 2?

    7 is a credit, not a debit. Liablities increase with credits, while assets increase with debit. 8 is a credit I haven't read part 1 to see what else might be an issue.

    ...
  • When a debt is charged to a mortgage how long is it active for?

    the charge is a lien. when u sell the property the lien MUST be paid b4 a clean title can b transfered. time on to get 2 more jobs and find ways to pay it off . ur house title is dirty.

    ...
  •  

    Categories--Copyright/IP Policy--Contact Webmaster