Recovering From a Failed Business

" Jimmy in Raleigh, North Carolina I Jimmy what's up. I don't know where that that I deserve sir how can -- help."

" Well how -- situation and I try to do whatever I can to protect my curtains. I can't business the beginning of last year how goes business of my business and and it better than about the decay in the unsecured debt. And I -- to invest improperly. This book as well actually want I'm I'm good recently. This the Lewin Group. -- but I'm I'm nervous about the eighty KB and -- accidentally. Do. One of the properties. I could actually cosigned for over three years ago yeah. And that discuss food and apparently. What they recommended that -- of these so. Well -- for the chapter seven. -- home that my parents cosigned on the most likely get caught up in the foreclosure."

" Who not not most likely will. And clearly not enough you're going to file bankruptcy -- on the 80000 dollars that might attach something it hasn't yet. And drag your parents into a bankruptcy why would you do that what's -- house worth."

" I think out the word probably. 11 quickly -- you alone. I know 150 yards from club luncheon just salad."

" My period is likely that I shouldn't be."

" So far you're attorneys been an idiot in this discussion current. Could drug her parents into bankruptcy -- filing on 80000 dollars and hasn't hasn't even in down into the fall yet have they sued you on the 8000."

" No problem not that well aware of what kinda good isn't it."

" Some of its credit card debt some other we're I was actually in the transportation business that I returned -- Official at auction and I have to pay that down."

" The deficit balances how much of the -- the 80000 is deficit balances. About 44000. And -- you can probably settle that for around ten cents on the dollar. Maybe twenty cents so 458000. Bucks somewhere and there are probably settle that 40000. So you're not 80000 in debt and the credit cards are you in the fall on them."

" Yeah absolutely absolutely it's been quite a few days before they do."

" And what do you what do you make now what your income."

" Our -- I am not. Struggle right now I decided to get to real estate on the -- potentially could make Margaret now I just do whatever -- can make -- college between brief 400 dollars a week."

" And kind. They don't really have a career the second that's making money. No not -- not -- I'm struck from the I think that your big issue. He lost this transportation business that came crashing down around your dream turned into a nightmare and you haven't hit the reset button yet. And when you hit the reset button there are a lot of these of the deaths are going to start to solve themselves your problem is not all the debt. You're probably don't have an income."

" Well -- I mean. I'm -- I it is it is a problem I had I didn't even make it start making -- so."

" Now if -- market crisis coming for 400 bucks a week coming. This is -- make the modern."

" Put some money away Kurt -- Harry don't this case and really how much higher and oil and well at one time I had about and -- put away extra little down because doctors order."

" so between you and and the financial death's door is three grand in your -- and 300 bucks a week. You have an -- heroes."

" I mean there's there's weeks you make like 1500 dollars 2000 that are -- it's just doing a lot. I do everything I do these -- I do some repairs on employers who. I think in my my property no woman could cause actual you know I don't -- I don't I do think that money. I think this is ridiculous and -- a little poker here there and they compare that way. So I mean I I have a week that would make if you don't know that I have on the on average make about vehicle owner well we can -- But enchilada I bet bye guys are working part time job and I'm trying to I'm."

" accuse someone and being lazy I just said you had an income problem. -- yeah."

" Yeah the -- and that's why it. I have I feel confident that eventually I'll -- don't -- the united bubble grew up well I actually love real estate -- a passion for real estate so I think I'm in the right direction. It's just right now Mike Pence. Actually -- And I share -- the present my saying so that I used to live with them you know seven years ago. So there actually -- there. Their phone number and speaking of my parents and try to get the information on the creditors that color output can discuss them. Look in my situation by the there's just been very difficult to deal look."

" One of our news is there's -- your parents panic."

" It it doesn't concern. I mean they're competent -- with a Make or Break decision. I think. And actually wouldn't -- do. I'm sure that happening in these. Investment property what I don't have. There look at culminating in particular so pathetic -- Probably I just saw it get out from under --"

" Hello and also if your parents and disconnected from this disaster which would be a nice thing to do."

" Them all what what would happen in the sold and then I could go and do. Go to that was -- bankruptcy."

" If you don't let -- be sold it and then filed bankruptcy. As long as you didn't you make a huge profit from it which are not going to. And more effective bankruptcy at all if you go into bankruptcy. First. You're going to drag them in with you. -- did not try to order. I don't know what I what I would do is I would concentrate on my income and I would get the rental property sold like which the pressure of messing up your parents off you. And then when income -- coming in you can start to settle some of these old deaths and clean them up. Simplify your life and create big piles of income and this whole thing goes away. And that's how I'd start looking at this I'll probably start its it's I'm guessing you're single based -- just the way you did word you were using but. If you are then I'm probably would sell both properties. And I would give me an inexpensive rental. And if I had a car permanent select car you mean an expensive car. Simplify your life down there where you have no bills except those bills left over from that mess that was formally your dream. And then you know you're going to spend some time cleaning up that mess. Then you'll be able to rebuild and start talking about whose real estate deals later. As an owner in the meantime of course she's real estate brokerages not out of reach and you could do that as well on the side but more."