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  Topic Review (Newest First)
04-25-2012 02:40 PM
Justin98 Bankruptcy is a legal status of an insolvent person or an organisation, that is, one who cannot repay the debts they owe to creditors. In most jurisdictions bankruptcy is imposed by a court order, often initiated by the debtor.
Bankruptcy is not the only legal status that an insolvent person or organisation may have, and the term bankruptcy is therefore not the same as insolvency. In some countries, including the United Kingdom, bankruptcy is limited to individuals, and other forms of insolvency proceedings, for example liquidation and administration, are applied to companies. In the United States the term bankruptcy is applied more broadly to formal insolvency proceedings.




Thanks,
debt management
08-17-2006 05:01 PM
Jon F Hey Music Banshee,

....Mind starting a post somewhere about cleaning up credit?? I guess in "off topic" or "business" or something. I've never BR'd, but just the usual 20something stuff of late fee's, etc. have my credit below "excellent", and I know that costs real money. I also know others like me would love to have info from a pro like you on how to clean this kind of thing up. So if you ever get a few minutes and don't mind writing a manifest, I'd certainly be indebted (no pun intended).

Here is what I (personally) would like to know:

1) Obviously, info to help the BR guys.
2) How to clean up little stuff, like 30 days late, etc.
3) I bought a house last year, and there were two things on my report foreign to me.....about five yrs. old. Not big things, but "write off" type things (you know what I mean) which is especially bad. I want to buy another house or two next year, and I'd REALLY like to get my credit up to that EXCELLENT range.

I know this is asking a lot, but if you'd ever get the time to share this with all of us, I'd love to hear it.
08-17-2006 02:31 PM
Thad
Quote:
Originally Posted by FCPWLLC View Post
How you were able to overcome bad credit
I was in the mortgage business (managed a brokerage) before I got back into cleaning. I can give you some tips if you want.
PM me or email me at thad dawt eckhoff ayat gmail dawt com.
08-17-2006 02:28 PM
Thad
Quote:
Originally Posted by EnviroClean View Post
That's it blame the Indians
Not all Indians.
Just you.
08-17-2006 01:07 PM
McMoo I like the idea! For years my wife said it was all my fault. now I can say B.I.O.J,. Of course I will have to duck, because she will think I said something nasty
08-17-2006 12:08 PM
EnviroClean That's it blame the Indians
08-17-2006 11:59 AM
russ s So You Are In....we Are The Charter Members Of" B.I.O.J.C." (blame It On Jason Club )!!!!!
08-17-2006 11:51 AM
Jon F
Quote:
Originally Posted by russ s View Post
life is about choices ,we make them,sometimes they are right, some wrong,some questionable........no matter what life goes on and will go on we just have to be ready to accept responsibility for our decisions and actions.................screw that ,i was having a weak moment ......lets blame it all on jason from now on!!!!!!!!!

thats it!!!!! from now on whatever happens it is JASON @ ENVIROCLEANS fault

....I've been blaming the Indians for years for everything that is wrong in America, this will be nothing new for me.
08-17-2006 08:56 AM
russ s life is about choices ,we make them,sometimes they are right, some wrong,some questionable........no matter what life goes on and will go on we just have to be ready to accept responsibility for our decisions and actions.................screw that ,i was having a weak moment ......lets blame it all on jason from now on!!!!!!!!!

thats it!!!!! from now on whatever happens it is JASON @ ENVIROCLEANS fault
08-17-2006 06:50 AM
FCPWLLC Ken, I didn't see the thing on Dateline so I don't know the particulars in his case. Would like to talk to you about how you fixed credit after the BK. How you were able to overcome bad credit and able to float a start up without the aid of credit... You can PM me or let me know if I can call ya.
08-16-2006 07:56 PM
EnviroClean Shoot and I thought I was bad for some charged off credit cards that the EX ran up in th casinos
08-16-2006 11:33 AM
PressurePros I went through my own issues. I filed for bankruptcy after I got divorced so I am understanding that things do not always go as you planed and that people make mistakes. What differentiates recovery from escape is the desire to make things right.

When I say someone should be in prison it is not to punish bad business sense you have to look at the big picture. I do believe one should be properly capitalized and have a sound business plan for float cash and expenditures. I also understand that the majority of people are not capable of sustaining a business (as evidenced by statistical failure rate). Where the obligation comes in is in, again, mking things right. The contractor should not be allowed to climb from out under obligations because he was an idiot and could not run his business. He is, in my opinion, obligated to the homeonwer to either complete the work or make financial restitution. How dare someone sell themselves as competetant and screw someone out of that type of money.

My mother in-law has been screwed twice in the past five years. Once she was charged $40,000 for an addition that I had to come in and finish and then again by a concrete/masonry company for $15,000. Both contractors consistently came to her for additional payments and one even admitted he could't make payroll unless she gave him additional money. Wanting the projects completed she just gave and gave. Unfortunately the majority of contractors that get into trouble like this have extracuricular activities that affect their cash flow. In my opinion, that is stealing. My mother in law was left well off by her dioceased husband but she is not a billionaire.

I think the problem is people being able to just walk away from obligations. As I said, I got into trouble with two mortgages, consumer goods, alimony and child support and needed to get out from under. I have since then made all possible restitution and work hard to not get into the same trap.

Its a fine line I admit and I'm certainmy one line comment stirs a bit of emotion. Hopefully this elaboration on that line helps you understand from where I am coming.
08-16-2006 01:15 AM
Jon F touche, but there should be honor even among goons
08-15-2006 09:26 PM
Thad Obviously this guy didn't read Emily Post's 'Bar Fight Etiquette'.

What a bounderish unrefined boor!
08-15-2006 07:13 PM
Jon F ...What self-respecting guy would file a civil suit for getting beat up in a bar fight?? He SERIOUSLY deserves to get pummeled again. You should start a website about it with pics, descriptions, etc. and post it all around your hometown, etc. so everyone is reminded what a loser the guy is. I don't agree with starting a fight, but there is no shame in losing, whether you started it or not. An unspoken rule of being a gentleman and losing a fight is that you let it go, and you don't involve authorities, unless you are afraid for the safety of your family, etc.
08-15-2006 05:44 PM
Thad That's not the cute, cuddly Russ that I know.
08-15-2006 05:24 PM
FCPWLLC It's not going too far when you see a gun.
08-15-2006 05:18 PM
russ s
Quote:
Originally Posted by FCPWLLC View Post
I didn't get to see the special.... However I do know a bit about Bankruptcy. Not all folks that declare are just trying to skip on bills that they owe. Say business owner doesn't get paid for a large job by an A-hole consumer and is stuck having to pay his subs or for materials. That alone could throw a company way outta whack. Especially if you add to it perhaps at the same time he has 2 outstanding receivables and is already low on cash. His creditors are adding fees and penalties everyday and re-occuring bills like insurance still coming each month. Not long and a deep hole is there and not much can get him out but the the BK.

I personally filed a couple years ago because I got stuck with my ex-wifes debt. I had the ability to pay but tried going through other methods to make sure She had to pay but nothing resolved and in mean time my credit got wrecked. The BK was the only thing I could do to try to improve my credit rating. I REFUSED to pay someone elses bills. Had nothing to do with my Character or ethics. Was not my debt so I didn't pay.

So basically, this guy may have just been passing the buck. Maybe a sub or customer didn't keep thier word and put him in a small bind that snowballed into a big one. Who knows? All it takes is one bounced check from a senile senior citizen(not her fault that she forgot to enter a debit into her checkbook) into your account and you have just sent out checks to some of your accounts payables. The bank hits you with fees, your Creditors hit you with fees, you are denied any more credit with them and now have to pay cash (that you may need to cover payroll) for materials etc.... Who should pay? The little old lady? Who is responsible for all those fees?

It's a bad situation and can happen on a small or large scale to ANYONE.
i agree its easy to jump on someone when you dont know all the circumstances ...i myself had to file in 1990 due to a fight i got into outside a bar the guy had me blocked in and would not move he came after me with a crobar and i defended myself......i.e. I broke his jaw both cheek bones and cracked the orbiit around his eye ,i then started kicking him (when his gun fell out)broke his ribs in 16 places and ruptured his spleen......all in all i was charged with 1st degree assault and i won the case in court but lost a civil suit filed by him and his insurance company(they said i went too far)anyway when the dust settled and all was done i had a $167,000 judgement ...so i went bankrupt on it and reaffirmed all other debts keeping my credit in good standing
08-15-2006 04:35 PM
FCPWLLC I didn't get to see the special.... However I do know a bit about Bankruptcy. Not all folks that declare are just trying to skip on bills that they owe. Say business owner doesn't get paid for a large job by an A-hole consumer and is stuck having to pay his subs or for materials. That alone could throw a company way outta whack. Especially if you add to it perhaps at the same time he has 2 outstanding receivables and is already low on cash. His creditors are adding fees and penalties everyday and re-occuring bills like insurance still coming each month. Not long and a deep hole is there and not much can get him out but the the BK.

I personally filed a couple years ago because I got stuck with my ex-wifes debt. I had the ability to pay but tried going through other methods to make sure She had to pay but nothing resolved and in mean time my credit got wrecked. The BK was the only thing I could do to try to improve my credit rating. I REFUSED to pay someone elses bills. Had nothing to do with my Character or ethics. Was not my debt so I didn't pay.

So basically, this guy may have just been passing the buck. Maybe a sub or customer didn't keep thier word and put him in a small bind that snowballed into a big one. Who knows? All it takes is one bounced check from a senile senior citizen(not her fault that she forgot to enter a debit into her checkbook) into your account and you have just sent out checks to some of your accounts payables. The bank hits you with fees, your Creditors hit you with fees, you are denied any more credit with them and now have to pay cash (that you may need to cover payroll) for materials etc.... Who should pay? The little old lady? Who is responsible for all those fees?

It's a bad situation and can happen on a small or large scale to ANYONE.
08-15-2006 02:53 PM
Jon F
Quote:
Originally Posted by PressurePros View Post
I think he should be in prison.

..For failing?? For being a bad businessman?? Let's use 'you' as an example. You are a deck refinisher with a lot of success--three years under your belt (hypothetical). You are cocky. Run into your first deck, people tell you it has acrylic stain, but you've always made it happen. Oh, what a surprise. You actually LOSE money on the deck--as in, you charged $1000, and it cost you $1100. A 10% overrun/failure. But you learned a $100 lesson.

Amp this scenario to being a builder. A 10% overrun may equal some furious customers at best, at worst bankruptcy. The same system that reams us daily by making us paying income tax, WC, etc. actually COMES THROUGH for you in this case, and gives you somewhat of a second chance (with MASSIVE repercussions). I dunno.
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