Comments on: November 2008 Balance Sheet – More Progress

By: Md

Md — Tue, 26 May 2009 19:08:58 +0000

Did the BK Court make you sell your home or did you just decide to do that?

By: bigwave

bigwave — Mon, 29 Dec 2008 03:28:56 +0000

$76K of progress in one year is EXTREMELY impressive. If you could repeat that for just FOUR more years, and throw every dime of it at the debt, you'd be free and clear! I thought my wife and I had done well to improve our situation by $51K this year, but I bow to you.

By: DebtKid

DebtKid — Wed, 17 Dec 2008 09:03:37 +0000

The personal bankruptcy has been done for some time now, probably all settled about 7 months ago.

The debt destruction fund is just a savings account for my business, so yes, proceeds from business earnings. I sold off an older project of mine and that's where the big jump came from.

The business shareholder liability is still there because I never bankrupted my old business. I probably should have, but that would have wiped that shareholder equity out. And since I'm trying to make good on that, I didn't want to do that.

The personal bankruptcy got rid of of my personal debt (credit cards, a personal line of credit, my personal liability on the business debt, etc). Not my Mom debt though of course.

By: smartgirl

smartgirl — Wed, 17 Dec 2008 07:12:10 +0000

Wow… what is the status of your bankruptcy – has the judge approved everything and are you in the clear of all old debts? What is your "Debt Destruction Fund" and where does the $$ for that fund originate from (i.e., is it proceeds from your businesses earnings)? The $30K jump from October to November is impressive. Where do the funds from this line item go? The business collections or IRS payoff?
Another question – your business shareholder liability – why was this not charged off on your bankruptcy? What exactly was charged off?

By: Harish

Harish — Fri, 05 Dec 2008 06:40:02 +0000

Do you get your software contracts through friends/family, or do you market your business cold to potential clients? Sorry for asking but your revenues from the business are amazing.

By: the Wolf

the Wolf — Fri, 05 Dec 2008 03:15:37 +0000

DK, those pesky tax arrears should be in the personal section, even though business is paying. Ultimately, it's your hide on the line. Can you diddle around with your business (selling assets) with a tax lien in place? Doesn't it attach to your assets? Also, didn't you get an attorney to review your Installment Agreement to see that everything was addressed? I don't think we are getting the full story; that's fine if that is what you intended

By: DebtKid

DebtKid — Thu, 04 Dec 2008 07:37:44 +0000

Yes, that book. I do more for small companies, but I don't talk about it much or want to for obvious reasons. My clients don't need to know my whole situation here.

By: Harish

Harish — Thu, 04 Dec 2008 03:53:57 +0000

You mean, e-myth the book?
If I may ask, what type of software projects do you do? Do you contract for big companies or small ones?

By: Harish

Harish — Wed, 03 Dec 2008 12:38:15 +0000

Wow! You've been improving your situation by about $15K each month since summer. What type of business projects do you have? Are they all in software development?

By: Jeff

Jeff — Wed, 03 Dec 2008 06:19:11 +0000

jesus christ guy your'e able to pull in some serious cash!