Good God, when are you going to realize that you are not the victim, you are a willing participant. Protect yourself! When the man picks your pocket — really, what more can they do? Break into your house? Oh, that’s right, they already took your house.

It would be SO HELPFUL for all of your readers to see a spreadsheet of all the debts, personal and business. Know where you are in the BK process now long it will be until it is concluded. And, get a better picture for your business’ income generation, your P&L statement, forecast, etc.

Thanks

Un-official big sister here with a few ideas and suggestions for you.

First idea/suggestion: Is your business incorporated or does it have any legal structure (i.e., partnership) where you could have someone else (that you trust) open the business account? My thinking is that if you trust her, put your mother down as one of your owners. The risk, however, is for your mother. Should you start writing bad checks for the business, she could become responsible.

Question: was the line of credit for personal or business related? Was it subject to your bankruptcy process?

Question: have you spoken with your bankruptcy attorney about WF action ad any action/recourse you may have to have some, if not all, the funds returned?

About WF and seeking recourse – talk with your BK attorney. Years ago (at the height of the dotcom boom) WF got involved in selling “securities.” My parents in their retirement were very conservative investors – only having their $$ in CDs and real estate. They had sold a piece of property and went to WF to buy a $100,000 CD. They were introduced to a young man from “WF Securities” who had what he called an FDIC insured “callable” CD with a great interest rate. My parents explained to him they would need the funds for a RE investment in approximately 12 months – could it be cashed at that time. The young man assured it could.

You can guess what happened: One year later and it was the dotcom bust and my parents went to cash the CD. It turns out the CD was “callable” only to the bank (my parents couldn’t cash it in) and only the interest rate was FDIC insured. If the wanted to cash in the CD, they would receive only $76,000. The young man was as nice as could be as he was screwing my parents. He actually lied to them and I found the documents to prove it. The best recourse was to call the local media. A page one story got WF attention. The day after the story ran, my parents got a call from WF corporate office where a check for $100,000 was waiting along with an attorney and a “non-disclosure agreement” that my parents would never again speak to the media about their experience.

What the bank did – I believe the term is sweeping – and is legal. And no, they don’t need to notify or inform you. They just do it. Guess they learned that from Nike.

In the meantime, I’ve started my blog and you are on my blog roll. I’ve got my fingers crossed. Any suggestions are greatly appreciated.

And if they won’t give you the $$$? How much is your payroll? It’s time to think of a contingency plan, just in case. Do you have anything you could liquidate quickly to raise the cash?

I just noticed that one of your sidebar ads is for Wells Fargo Checking-lolz.

And if it gets too overwhelming, take a walk, get out in nature. my problems always seems silly after an hour with my dog at the beach. I don’t know why, but it always works. You’ll get through this, look at how far you’ve already come.