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What to do if you potentially incur a 250k debt?

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Thread replies: 14
Thread images: 2

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Ok biz, I got a situation.

Long story short, I tried to run some old cunts business for him and fucked up bad. Now worst case scenario if he manages to take me to court for it and wins I may owe him a quarter mil. I'm nearly 20 and make ~$200 a week currently. Planning to become an electrician (live in a US) but I'll obviously need to invest and pull out some serious financial chops for me to get out of this debt if it ever materializes. Already in 5.5k debt at the moment. What would be the best way to do this?
>>
*I live in Australia
>>
how do you only make $200 a week lol

are you employed at wendys
>>
get off /biz/ you chimp, and buy kneepads
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>>1430892
I've only got one casual cafe job atm
I also am doing door to door knocking to promote my dad's company that he's just started.
>>
Jesus fucking Christ, what the fuck did you do?!
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>>1430885
I'm surprised an old cunt would allow you to even touch his million dollar business. He got what he deserves. Did he make you sign anything? How did you fuck up? Why are you obliged to give this idiot any money?
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>>1430885

I think the real question is why would someone trust you to run his business and what did you do to fuck up that badly?
>>
>>1430888

How the fuck are you not even 20 and have 5.5k in debt?

What sort of business was it?

What did you do?

What are your qualifications?

What the fuck is going on?
>>
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The original debt I had was from moving out with a mate of mine who completely fucked me over and ran me up that amount due to me trusting him, my mistake.

The potential quarter mill is because of a disaster of a business trip, stolen goods, both mine and his fault really. This guy is 73, so I was basically doing the work of 3 people to run most of the business and admin side as well as working for the owner of the property we both worked on. Both his and my fault really, but I need to look forward to the future and how I can rise above this fucked up situation.
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It really is important to know what you did to determine if you're liable or not.
>>
>>1430933
>>1430927
I should also mention this old guy had one of the worst possible reputations in his field that you could generate over 50 years in business. I was in way over my head. I have a few years sales and retail experience from that as well as many odd jobs over the months past that occupation, though nothing special
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>>1430885

It's not your problem, its his.

Ignore anything about it. Its a civil matter so you'll never have to worry.

He wont take it to court, because he knows you have nothing.


Source: Had some kid run my company into the ground once.
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>>1430940
>It's not your problem, its his
This is probably the correct answer. If you're genuinely worried about being sued for $250,000 you'd spend $200 to talk to a lawyer for an hour.
Thread posts: 14
Thread images: 2


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