Red PIll Me ON Bankruptcy

>>2204343

You seriously haven't hired a lawyer yet, are you insane?

>>2204343
did... did you not incorporate it into an LLC?

that's literally why those exist.

and sorry anon, i'm not sure. no experience with bankruptcy. here's a bump tho.

godspeed

>>2204377
Yes, we do have an LLC, but the lease required a personal guarantee.

>>2204377
LLC doesn't matter if he signed personally, which he did.

>>2204367
That's what I am try to convince my dad about. He wants me to negotiate with them myself. I need a lawyer. Either a bankruptcy lawyer or a real estate lawyer. He is worried about the long term repercussions of a bankruptcy.

Filing a bankruptcy for a single creditor isn't usually the most effective approach. And if you're locked into a Chapter 13 plan anyway, then you're not going to avoid negotiating with the landlord.

The only benefit of a bankruptcy would be to take advantage of the automatic stay, to prevent a foreclosure or wage garnishment. But you're not there yet, unless you're hiding facts.

So the best approach would be to (a) hire a lawyer, and (b) negotiate a settlement and release with the landlord. Then you can dissolve the LLC (assuming you have no other unpaid creditors) cheaply and quickly, and move on with your life.

Take responsibility and go resolve your problem. Bankruptcy is more controlled only because most of the decisions are out of your control. It's also more expensive and more damaging to your personal finances, and should be your last, not first, resort.

>>2204452
>The only benefit of a bankruptcy would be to take advantage of the automatic stay, to prevent a foreclosure or wage garnishment. But you're not there yet, unless you're hiding facts.

Yes, sorry, they have already filed a law suit in the court. So by filing I will have a stay on this.

>>2204422

Did you enter the lease agreement without a lawyer?

If you didn't you're a dumbass.(sorry to kick you while you're down.)

If you did then presumably you didn't have any assets, otherwise you would have been advised not to sign personally.

Hire a professional asap and be happy you learned your lessons young and it wasn't much much worse.

>>2204480
If it gets in front of a judge, They will most likely make a judgment against me. It could be They get nothing, or everything depending on the mood of the judge. I have other person collections and debts as well. Not just this.

>>2204487
>Did you enter the lease agreement without a lawyer?
Yes. (I know it was stupid)

>If you didn't you're a dumbass.(sorry to kick you while you're down.)
No biggie my man.

>If you did then presumably you didn't have any assets, otherwise you would have been advised not to sign personally.
No lawyer to tell me that, which is my mistake and is obvious to me now.

>Hire a professional asap and be happy you learned your lessons young and it wasn't much much worse.
Will do.

>>2204399
>>2204407

oh fuck, nvm.

goddamn son idk, but i wish you luck OP

>>2204492
>I have other person collections and debts as well. Not just this.

;-;

this is painful

goddamn i wish you good luck

>>2204518
>>2204526
Thanks Anon.

>>2204480
>they have already filed a law suit in the court
Hire a bankruptcy lawyer. Tomorrow. Yesterday, preferably.

Period. End of discussion.

Negotiation and settlement with the landlord may still be the best route, but at this point you're WAY past the point of solving this on your own.

/thread

>>2204487
>If you didn't you're a dumbass
Actually, you're a dumbass for not knowing that most small business owners are required to sign personally for business credit and leases. Stop shaming him for doing something that 90% of other people in his shoes also do.

>>2204492
>They get nothing
In what fantasy-world will the landlord get nothing? Not many defenses to a rent case, man....

>depending on the mood of the judge
Grow up. Judges don't decide cases on emotion, nor do they give a shit about your circumstances.

>have other person collections and debts as well
Thanks for reminding me why I don't practice law anymore. You're like every bad client I've ever had -- the more the talk, the more new, bad facts come out. It's like pulling teeth to get the full story. And yet you expect your lawyer (and us, apparently) to read your mind and give you good advice? Sigh...

>>2204591
>Actually, you're a dumbass for not knowing that most small business owners are required to sign personally for business credit and leases. Stop shaming him for doing something that 90% of other people in his shoes also do.


Can you fucking read?

I said he is a dumbass for signing without a lawyer, and he agreed.

Also, I have a commercial lease at $9k per month. I'm speaking from experience.

>>2204789
>I said he is a dumbass for signing without a lawyer
You don't need a lawyer to sign a lease. 95% of the terms are boilerplate and provided by model form contracts anyway.

A lawyer isn't a financial advisor. It's not a lawyer's job to stop you from making bad financial decisions, or starting a doomed business. A lawyer doesn't suddenly make a small businessman more creditworthy. A lawyer won't stop you from signing an above-market lease, or overpaying for products, or doing any of the million stupid things that cause a business to fail. There's nothing a lawyer could have done to prevent this situation from happening.

>and he agreed
I think we've already established that OP isn't a reliable source of good information.

Look, anon, you said something stupid and you got called out for it. Not a federal crime, but don't do it again. But don't make it worse by pretending it wasn't dumb in the first place.

theres always companies licensed in filing bankruptcy, if you dont get the deal you want you dont need to pay for something that doesnt follow customer priorities. for me i would act like nothing happened if they charged me 30k for something they cant charge me 30k for.

Salvage all your personal wealth before the courts get to you, but do so in a discrete fashion.

>>2205288
I don't know what language this is supposed to be, but if it's supposed to be English you should get a refund from your ESL teacher.

>>2205322
>Salvage all your personal wealth before the courts get to you, but do so in a discrete fashion.
Always nice when 10 year-olds give legal advice. You do know that an investigator is appointed in every bankruptcy case (called the "U.S. Trustee" and a division of the Department of Justice). Their sole job is catching people who try to do what you suggest, they do it every day of the year, and they're very good at it.

And when you get caught, they don't give second chances. You get prosecuted and fraud and charged for the crime. And since its a Federal crime, you're prosecuted by the DOJ, who happen to be the most skilled and competent prosecutors in the country.

And since bankruptcy fraud disqualifies you from using the bankruptcy laws, all your financial problems that put in you in that situation in the first place are waiting for you as soon as you get out of Federal prison. Except now you're a convicted felon with a fraud rap sheet, so good luck getting your life back in order, ever.

So maybe you could stop giving stupid advice? M'kay?

>>2204343
Good luck, bro.
You're on the right track, asking for legal advice on 4chan.

>>2205161
If OP is a dumbass, you're a fucking moron.

Look kid, just because you rented an apartment one time doesn't mean you have a clue.

With small business, lawyers typically end up as a catch-all advisor. And there absolutely is a fiduciary duty. That is how it actually works in the real world.

Who's to say if OP would have even followed through with this venture if he knew exactly what was at risk.

On second thought: If you honestly think it is acceptable to agree to a 6-7 figure liability in the form of a commercial lease, as thick as a phone book and written in legalese, without consulting an attorney, then you're a lost cause and I just wasted my time typing this.

>>2205417
i dont go to school im a working adult/mcdonalds employee and if you want to continue to conversation you messsage me privately at
[email protected]

>>2205463
>With small business, lawyers typically end up as a catch-all advisor.
No, they don't. Your accountant is much more likely (and qualified) to give you financial advice than a lawyer.
>And there absolutely is a fiduciary duty.
Maybe if you knew what that term meant you;d realize how stupid you sound. The existence of a fiduciary duty has nothing to do with whether an attorney is capable, let alone qualified, to provide financial or economic advice. You sound like a high-school kid who heard some term in civics class and tries to use it without truly understanding its definition.
>Who's to say if OP would have even followed through with this venture if he knew exactly what was at risk
It doesn't take a lawyer to understand the significance of a personal guarantee. And by his own posts, it appears clear that OP understood then and understands now that his personal assets are exposed. So your supposition lacks any credible foundation.

In the unlikely event that you're capable of discussing this maturely, I'll put the point to you directly: what, exactly, would having a lawyer prior to signing the lease have done to change OP's present circumstances?

>>2205530
>if you want to continue to conversation you messsage me privately
Um, no thank you?

>>2205609
>No, they don't.

"I'm anon 5ZC..... and I have no real world experience but I love to argue on the internet."

>>2205696
>not a response

I asked a pretty straight-forward question, kid. Either answer it, or we'll all see that you're roleplaying piece of shit: What, exactly, would having a lawyer prior to signing the lease have done to change OP's present circumstances?