Comments on: new beginnings http://www.debtkid.com/new-beginnings Get Out of Debt @ DebtKid.com Fri, 19 Mar 2010 15:04:30 -0700 http://wordpress.org/?v=2.9.2 hourly 1 By: Joe http://www.debtkid.com/new-beginnings/comment-page-1#comment-380 Joe Tue, 01 May 2007 05:30:46 +0000 http://www.debtkid.com/new-beginnings#comment-380 It's very tempting to think increasing gross sales as the solution. But really, cash flow and profit are the ONLY things that are important. If you only brought in $6,000 a month, but expenses were running $5,000, you'd actually be better off. You have to look at the bottom line, not the top. Be careful, it's very common when running a business at a loss, increasing sales just increases the loss. It’s very tempting to think increasing gross sales as the solution. But really, cash flow and profit are the ONLY things that are important. If you only brought in $6,000 a month, but expenses were running $5,000, you’d actually be better off. You have to look at the bottom line, not the top. Be careful, it’s very common when running a business at a loss, increasing sales just increases the loss.

]]> By: debt kid http://www.debtkid.com/new-beginnings/comment-page-1#comment-378 debt kid Tue, 01 May 2007 04:26:03 +0000 http://www.debtkid.com/new-beginnings#comment-378 Law Girl, Thanks for the comment! I actually do need to sit down with a BK lawyer eventually, just to see if that is an option. Here are the problems I think I have: Only about 60K of my debt is personal. The rest is business loans and business credit cards. Also, I am not the sole owner of my business (more complications). My business is bringing in about 7K a month in revenue. I don't if those facts change anything, and you are right about the credit card companies. I don't feel any sympathy for them, they make a ton of money. I'm really up in the air on this. Like I said though, I should get a free consult with a BK lawyer...it's on my long list of things to get done...Thanks for reminding me. Law Girl,

Thanks for the comment! I actually do need to sit down with a BK lawyer eventually, just to see if that is an option. Here are the problems I think I have:

Only about 60K of my debt is personal. The rest is business loans and business credit cards. Also, I am not the sole owner of my business (more complications). My business is bringing in about 7K a month in revenue.

I don’t if those facts change anything, and you are right about the credit card companies. I don’t feel any sympathy for them, they make a ton of money. I’m really up in the air on this. Like I said though, I should get a free consult with a BK lawyer…it’s on my long list of things to get done…Thanks for reminding me.

]]> By: Law girl http://www.debtkid.com/new-beginnings/comment-page-1#comment-377 Law girl Tue, 01 May 2007 01:56:47 +0000 http://www.debtkid.com/new-beginnings#comment-377 I don't mean to be pessimistic but... why aren't you considering filing a Chapter 7 bankruptcy? The only reason people generally don't do this is because they do not want to lose their homes and believe they can hold on to them. You obviously are not in that category. I research in bankruptcy law, and the biggest trend we see is that people generally resist filing until they are in over their heads way way more than they had ever intended. Bankruptcy is not as horrible as you think. Yes, you will ruin your credit, but this doesn't mean you won't have access to credit cards (Credit card companies actually love bankruptcy filers, because they know that you are vulnerable and cannot file again for another 8 years.) Plus, your Fico score will rebound. And a lot sooner if you file for bankruptcy NOW than if you struggle with this, miss more payments and file later. Hopefully, you've realized you can't buy another house any time soon, anyway. This will give you a chance to wipe your record clean before you are ready to settle down with the girl of your dreams. Plus, there's a huge advantage if you file. All of your unsecured debt would disappear. You might even get to keep a few things, assuming your state allows for exemptions. I would seriously consider going this route, and fast. I also wouldn't feel bad for the credit card companies. Goodness knows, they make plenty of money off the rest of American society by charging interest rates that should be criminal. (If you don't believe me, read their SEC filings.) And -- and I mean no offense here -- who would give a kid as young as you a mortgage on such an expensive home? I feel very little sympathy for Greenpoint. I believe if you told the judge how much you have learned from this experience, he or she would look very favorably upon you. Then, you'd have to practice what you preach, and live within your means! I don’t mean to be pessimistic but… why aren’t you considering filing a Chapter 7 bankruptcy? The only reason people generally don’t do this is because they do not want to lose their homes and believe they can hold on to them. You obviously are not in that category.
I research in bankruptcy law, and the biggest trend we see is that people generally resist filing until they are in over their heads way way more than they had ever intended.
Bankruptcy is not as horrible as you think. Yes, you will ruin your credit, but this doesn’t mean you won’t have access to credit cards (Credit card companies actually love bankruptcy filers, because they know that you are vulnerable and cannot file again for another 8 years.) Plus, your Fico score will rebound. And a lot sooner if you file for bankruptcy NOW than if you struggle with this, miss more payments and file later.
Hopefully, you’ve realized you can’t buy another house any time soon, anyway. This will give you a chance to wipe your record clean before you are ready to settle down with the girl of your dreams.
Plus, there’s a huge advantage if you file. All of your unsecured debt would disappear. You might even get to keep a few things, assuming your state allows for exemptions.
I would seriously consider going this route, and fast. I also wouldn’t feel bad for the credit card companies. Goodness knows, they make plenty of money off the rest of American society by charging interest rates that should be criminal. (If you don’t believe me, read their SEC filings.) And — and I mean no offense here — who would give a kid as young as you a mortgage on such an expensive home? I feel very little sympathy for Greenpoint.
I believe if you told the judge how much you have learned from this experience, he or she would look very favorably upon you. Then, you’d have to practice what you preach, and live within your means!

]]> By: ZINTRADI http://www.debtkid.com/new-beginnings/comment-page-1#comment-376 ZINTRADI Mon, 30 Apr 2007 21:37:30 +0000 http://www.debtkid.com/new-beginnings#comment-376 i think a big thing is that he's not whining about not being a "details and execution" guy and why he can't just be the "Ideas Guy". I'm sure 1 week after getting kicked out of the Garden of Eden, As Adam was figuring out where to hunt next, I bet he thought to himself "Why can't I just be the guy that knows where to hunt, I really need to task someone else with this" Then hunger got to him and Eve told him to get to it, so he snapped out of it. i think a big thing is that he’s not whining about not being a “details and execution” guy and why he can’t just be the “Ideas Guy”.
I’m sure 1 week after getting kicked out of the Garden of Eden, As Adam was figuring out where to hunt next, I bet he thought to himself “Why can’t I just be the guy that knows where to hunt, I really need to task someone else with this”
Then hunger got to him and Eve told him to get to it, so he snapped out of it.

]]> By: Cake Lady http://www.debtkid.com/new-beginnings/comment-page-1#comment-375 Cake Lady Mon, 30 Apr 2007 20:22:51 +0000 http://www.debtkid.com/new-beginnings#comment-375 Hi debtkid! Way to go! I feel you really deserve some good comments as you are on the right track to getting things straightened out. Please post a link to your ebay items as it could up your bids since your fans can help you out personally. Keep it up! Cake Lady Hi debtkid!
Way to go! I feel you really deserve some good comments as you are on the right track to getting things straightened out. Please post a link to your ebay items as it could up your bids since your fans can help you out personally. Keep it up!
Cake Lady

]]> By: Big daddy http://www.debtkid.com/new-beginnings/comment-page-1#comment-374 Big daddy Mon, 30 Apr 2007 17:58:07 +0000 http://www.debtkid.com/new-beginnings#comment-374 Well, I have finally found something to keep me occupied since Casey Serin's blog is about as exciting as watching my dog take a dump. Unlike him, I am actually routing for you. As someone who is paying off $25k in gambling/credit card that I had hidden from my wife(long story, but I told her), instead of complaining you are hustling and busting your butt instead of expecting it to change on its own, or even worse continuing to do what got you there. Oh yeah, you have a job also. Keep up the good work, I will keep praying for you. Well, I have finally found something to keep me occupied since Casey Serin’s blog is about as exciting as watching my dog take a dump.

Unlike him, I am actually routing for you. As someone who is paying off $25k in gambling/credit card that I had hidden from my wife(long story, but I told her), instead of complaining you are hustling and busting your butt instead of expecting it to change on its own, or even worse continuing to do what got you there. Oh yeah, you have a job also.

Keep up the good work, I will keep praying for you.

]]> By: Pbanker http://www.debtkid.com/new-beginnings/comment-page-1#comment-373 Pbanker Mon, 30 Apr 2007 16:06:27 +0000 http://www.debtkid.com/new-beginnings#comment-373 sounds like you're on the right track buddy we're rooting for you- sounds like you’re on the right track buddy

we’re rooting for you-

]]> By: PMSPMS http://www.debtkid.com/new-beginnings/comment-page-1#comment-372 PMSPMS Mon, 30 Apr 2007 14:15:01 +0000 http://www.debtkid.com/new-beginnings#comment-372 I guess this is why landlords take bonds and rent in advance... if you decide to move out with no notice you lose it! Anyways it sounds like you're moving on ok. I guess this is why landlords take bonds and rent in advance… if you decide to move out with no notice you lose it! Anyways it sounds like you’re moving on ok.

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